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Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity Under Company's Equity Incentive Plans

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 exercised			(215,067	)		$	0.10
Options forfeited and cancelled (1)			(14,210,119	)		$	0.91
Options expired			(14,729	)		$	34.33
Outstanding — September 30, 2023			8,246,945			$	1.32				5.43
Exercisable — September 30, 2023			7,609,393			$	1.37

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

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

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

		Three Months Ended September 30,						Nine Months Ended September 30,
		2023		2022				2023		2022
Employee Stock Options:
Risk-free interest rate		n/a			3.02	%		n/a			2.25	%
Expected term (in years)		n/a			6.1			n/a			6.0
Dividend yield		n/a			—			n/a			—
Volatility		n/a			91.61	%		n/a			91.63	%
Weighted-average fair value of stock options granted		n/a		$	1.34			n/a		$	0.58

Summary of Stock-Based Compensation Expense Recognized

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

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Research and development		$	—			$	78			$	67			$	289
General and administrative(1)			98				146				330				796
Total stock-based compensation expense		$	98			$	224			$	397			$	1,085

(1)No shares of common stock were issued to Board members for the three and nine months ended September 30, 2023.

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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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