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Stock Incentive Plans | 9 Months Ended
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Sep. 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 |  | 1,657,550 | ​ | $ | 12.62 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (78,050) | ​ | $ | 5.37 | ​ | ​ | ​ | ​ | ​
Cancelled or forfeited |  | (510,960) | ​ | $ | 16.96 | ​ | ​ | ​ | ​ | ​
Expired | ​ | (523) | ​ | $ | 138.60 | ​ | ​ | ​ | ​ | ​
Outstanding at September 30, 2023 | ​ | 3,321,448 | ​ | $ | 14.01 | ​ | 8.55 | ​ | $ | 1,436
Vested and exercisable at September 30, 2023 | ​ | 994,708 | ​ | $ | 19.38 | ​ | 7.63 | ​ | $ | 662
Vested and expected to vest at September 30, 2023 |  | 3,321,448 | ​ | $ | 14.01 | ​ | 8.55 | ​ | $ | 1,436
​ The intrinsic value of stock options exercised in the three and nine months ended September 30, 2023 was less than $0.1 million and $0.5 million, respectively. The intrinsic value of stock options exercised was $0.1 million in both the three and nine months ended September 30, 2022. The total grant date fair value of stock options vested for the three months ended September 30, 2023 and 2022 was $0.9 million and $0.9 million, respectively. The total grant date fair value of stock options vested for the nine months ended September 30, 2023 and 2022 was $3.6 million and $4.7 million, respectively. The weighted-average grant date fair value per share of options granted to employees and non-employees for the three months ended September 30, 2023 and 2022 was $5.89 and $2.54, respectively. The weighted-average grant date fair value per share of options granted to employees and non-employees for the nine months ended September 30, 2023 and 2022 was $7.48 and $3.66, respectively. At September 30, 2023, the total unrecognized compensation expense related to unvested stock option awards was $14.6 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.8 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 September 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 September 30, 2023, options to purchase 538,100 shares of common stock have been granted under the Inducement Plan, which are included in the table above.

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