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Stock Incentive Plans | 9 Months Ended
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Sep. 30, 2022
Stock Incentive Plans |
Stock Incentive Plans | 10.Stock Incentive Plans A summary of the Company’s stock option activity and related information follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Weighted- | ​ | Remaining | ​ | Intrinsic
​ | ​ | ​ | ​ | Average | ​ | Contractual | ​ | Value
​ |  | Shares |  | Exercise Price |  | Term (years) |  | (in thousands)
Outstanding at December 31, 2021 |  | 1,346,733 | ​ | $ | 22.25 |  | 9.02 | ​ | $ | 168
Granted |  | 944,481 | ​ | $ | 5.83 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (16,202) | ​ | $ | 2.10 | ​ | ​ | ​ | ​ | ​
Cancelled or forfeited |  | (37,013) | ​ | $ | 21.87 | ​ | ​ | ​ | ​ | ​
Expired | ​ | (51) | ​ | $ | 115.80 | ​ | ​ | ​ | ​ | ​
Outstanding at September 30, 2022 | ​ | 2,237,948 | ​ | $ | 15.47 | ​ | 8.79 | ​ | $ | 3,292
Vested and exercisable at September 30, 2022 |  | 551,774 | ​ | $ | 30.09 | ​ | 7.97 | ​ | $ | 248
​ The intrinsic value of stock options exercised was $129 thousand in the three and nine months ended September 30, 2022. The intrinsic value of stock options exercised was $38 thousand in the three and nine months ended September 30, 2021. The total grant date fair value of stock options vested for the three months ended September 30, 2022 and 2021 was $0.9 million and $0.3 million, respectively. The total grant date fair value of stock options vested for the nine months ended September 30, 2022 and 2021 was $4.7 million and $1.3 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended September 30, 2022 and 2021 was $2.54 and $6.20, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the nine months ended September 30, 2022 and 2021 was $3.66 and $10.15, respectively. At September 30, 2022, the total unrecognized compensation expense related to unvested stock option awards was $10.4 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.6 years. On February 17, 2022, the Company’s Board of Directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 300,000 shares of the Company’s common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of September 30, 2022, 173,500 options have been granted under the Inducement Plan, which are included in the table above.

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