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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Estimated Weighted Average Grant Date Fair Value per Share

The Company granted options to purchase an aggregate of 60,000 and 433,700 shares of common stock in the years ended December 31, 2022 and 2021, respectively. The fair values of employee stock options granted in the years ended December 31, 2022 and 2021 were estimated at the date of grant using the Black-Scholes model with the following assumptions and had the following estimated weighted average grant date fair value per share:

		Year Ended December 31,
		2022				2021
Expected term		5.5 years				5.9 years
Expected volatility			107	%			94	%
Risk-free interest rate			3.56	%			1.08	%
Expected dividend yield			0	%			0	%
Weighted-average grant date fair value per share		$	1.87			$	2.09

Summary of Stock Option Activities

A summary of ARCA’s stock option activities for the years ended December 31, 2022 and 2021, and related information as of December 31, 2022, is as follows:

		Options Outstanding
		Number of Options				Weighted Average  Exercise Price				Weighted Average Remaining Contractual Term  (in years)				Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2020			531,238			$	8.71
Granted			433,700				2.77
Exercised			—				—
Forfeited and cancelled			(60,815	)			12.71
Options outstanding - December 31, 2021			904,123			$	5.59				9.18			$	—
Granted			60,000				2.31
Exercised			—				—
Forfeited and cancelled			(259,163	)			4.74
Options outstanding - December 31, 2022			704,960			$	5.62				8.29			$	18
Options exercisable - December 31, 2022			308,237			$	8.69				7.90			$	5
Options vested and expected to vest -        December 31, 2022			704,803			$	5.62				8.29			$	18

Summary of RSU Activity

A summary of RSU activity for the year ended December 31, 2022 is presented below:

		Restricted Stock Units Outstanding
		Number of Shares				Weighted Average Grant Date Fair Value
RSUs outstanding - December 31, 2021			—			$	—
Granted			91,000				2.21
Vested and released			—				—
Forfeited and cancelled			—				—
RSUs outstanding - December 31, 2022			91,000			$	2.21

Summary of Non-cash, Share-based Compensation Expense

For the years ended December 31, 2022 and 2021, the Company recognized the following non-cash, share-based compensation expense (in thousands):

	Years Ended
	December 31,
	2022				2021
Research and development	$	133			$	160
General and administrative		423				337
Total	$	556			$	497

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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