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Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

The following table summarizes stock option activity under the Company’s 2018 Plan and related information:

	Number of Shares Underlying Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Outstanding — December 31, 2022		8,678,767		$	1.42		7.47
Options granted ⁽¹⁾		14,008,093		$	0.86
Options forfeited and cancelled ⁽¹⁾		(14,210,119	)	$	0.91
Options expired		(12,174	)	$	36.16
Outstanding — March 31, 2023		8,464,567		$	1.30		6.01
Exercisable — March 31, 2023		7,306,692		$	1.40

(1)

Includes options that were cancelled and re-granted as part of the option modification from the special cash dividend, as further discussed above.

The fair value of employee stock options was estimated using the following weighted-average assumptions:

	Three Months Ended March 31,
	2023		2022
Employee Stock Options:
Risk-free interest rate		—		1.87	%
Expected term (in years)		—		6.1
Dividend yield		—		—
Volatility		—		91.54	%
Weighted-average fair value of stock options granted	$	—	$	0.39

Total stock-based compensation expense recognized was as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development	$	66	$	128
General and administrative⁽¹⁾		144		387
Total stock-based compensation expense	$	210	$	515

(1)

No shares of common stock were issued to board members for the three months ended March 31, 2023.