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Stock Incentive Plans

6 Months Ended

Jun. 30, 2023

Stock Incentive Plans

Stock Incentive Plans

9.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, 2022		2,253,431		$	15.43		8.57		$	9,733
Granted		1,420,550		$	13.28
Exercised		(61,598)		$	5.03
Cancelled or forfeited		(428,815)		$	14.16
Expired		(523)		$	138.60
Outstanding at June 30, 2023		3,183,045		$	14.83		8.66		$	2,184
Vested and exercisable at June 30, 2023		961,989		$	21.44		7.76		$	739
Vested and expected to vest at June 30, 2023		3,183,045		$	14.83		8.66		$	2,184

The intrinsic value of stock options exercised in the three and six months ended June 30, 2023 was $0.1 million and $0.5 million respectively. There were no stock options exercised in the three and six months ended June 30, 2022. The total grant date fair value of stock options vested for the three months ended June 30, 2023 and 2022 was $1.2 million and $3.3 million, respectively. The total grant date fair value of stock options vested for the six months ended June 30, 2023 and 2022 was $2.7 million and $3.9 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended June 30,

2023 and 2022 was $7.79 and $3.04, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the six months ended June 30, 2023 and 2022 was $8.76 and $3.87, respectively.

At June 30, 2023, the total unrecognized compensation expense related to unvested stock option awards was $16.2 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.9 years.

On February 1, 2023, the Company issued stock options exercisable for 855,000 shares of common stock to certain officers of the Company subject to stockholder approval of the authorization of additional shares of common stock for issuance under the Company’s 2015 Amended and Restated Stock Incentive Plan on or before January 31, 2024. On June 2, 2023, the Company’s stockholders approved the addition of 4,300,000 shares of common stock to the shares of common stock authorized for issuance under this plan, which satisfied the grant condition on such officer grants. As of June 30, 2023, 755,000 of these options remain outstanding.

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. On January 31, 2023, the Company’s Board of Directors approved an amendment to the Inducement Plan to increase the number of shares of common stock authorized for issuance thereunder from 300,000 shares of common stock to 700,000 shares of 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 June 30, 2023, options to purchase 304,100 shares of common stock have been granted under the Inducement Plan, which are included in the table above.