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v3.23.2

Stock-based Compensation (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2023 | Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |  |
Summary of Stock Option Activity with in 2014 Stock Incentive Plan and 2019 Incentive Award Plan | The below summary includes stock option activity within the Company’s 2014 Stock Incentive Plan and 2019 Incentive Award Plan for the three months ended March 31, 2023:
|  | Number of shares in Plans |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding as of December 31, 2022 |  |  | 5,742,053 |  |  | $ | 2.35 |  |  |  | 6.69 |  |  | $ | 9,114 |
Granted |  |  | 27,350 |  |  |  | 4.66 |  |  |  | 8.61 |  |  |  | — |
Exercised |  |  | (2,969 | ) |  |  | 0.07 |  |  |  | — |  |  | $ | 1 |
Forfeited |  |  | (166,346 | ) |  |  | 2.20 |  |  |  | — |  |  |  | — |
Outstanding as of March 31, 2023 |  |  | 5,600,088 |  |  | $ | 2.36 |  |  |  | 5.63 |  |  | $ | 4 |
Options exercisable as of March 31, 2023 |  |  | 4,789,470 |  |  | $ | 2.40 |  |  |  | 5.29 |  |  | $ | 4 |
Options unvested as of March 31, 2023 |  |  | 810,618 |  |  | $ | 2.13 |  |  |  | 7.65 |  |  | $ | — |
| A summary of the stock option activity under the 2014 Plan and the 2019 Plan are as follows:
|  | Number of shares |  |  | Weighted average exercise price (1) |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding as of December 31, 2020 |  |  | 6,816,798 |  |  | $ | 10.11 |  |  |  | 8.45 |  |  | $ | 171,415 |
Granted |  |  | 1,357,426 |  |  |  | 32.76 |  |  |  | 8.07 |  |  |  | — |
Exercised |  |  | (642,314 | ) |  |  | 2.02 |  |  |  | — |  |  | $ | 11,652 |
Forfeited |  |  | (701,873 | ) |  |  | 16.48 |  |  |  | — |  |  |  | — |
Outstanding as of December 31, 2021 |  |  | 6,830,037 |  |  | $ | 5.35 |  |  |  | 7.76 |  |  | $ | 6,987 |
Granted |  |  | 221,176 |  |  |  | 1.78 |  |  |  | 8.32 |  |  |  | — |
Exercised |  |  | (10,047 | ) |  |  | 1.24 |  |  |  | — |  |  | $ | 37 |
Forfeited |  |  | (1,299,113 | ) |  |  | 18.04 |  |  |  | — |  |  |  | — |
Outstanding as of December 31, 2022 |  |  | 5,742,053 |  |  | $ | 2.35 |  |  |  | 6.69 |  |  | $ | 9,114 |
Options exercisable as of December 31, 2022 |  |  | 4,579,486 |  |  | $ | 2.40 |  |  |  | 6.39 |  |  | $ | 7,071 |
Options unvested as of December 31, 2022 |  |  | 1,162,567 |  |  | $ | 2.12 |  |  |  | 7.84 |  |  | $ | 2,043 |
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. (1) On August 17, 2022, the Company’s Board of Directors approved the repricing of all options granted under the 2019 Incentive Award Plan that were held by then current employees, executives, directors, and consultants for which the exercise price per share was greater than the closing price per share of the Company’s common stock on August 17, 2022 (Underwater Options) by reducing the exercise price of each Underwater Option to $2.14, the closing price per share of the Company’s common stock on August 17, 2022. See “ Repricing of stock options ” section for more information.
Summary of Grant-date Fair Value of Stock Options Granted on Weighted Average Basis | The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:
|  | March 31, 2023 |
Risk-free interest rate |  |  | 3.6 | %
Expected term (in years) |  |  | 6.0 |
Expected volatility |  |  | 92.0 | %
Expected dividend yield |  |  | 0.0 | %
| The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 3.0 | % |  |  | 0.5 | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 80.0 | % |  |  | 79.8 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Summary of Recognized Stock-based Compensation | The Company recognized stock-based compensation within the accompanying consolidated statements of operations as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 839 |  |  | $ | 2,301 |
General and administrative |  |  | 2,592 |  |  |  | 2,965 |
Total |  | $ | 3,431 |  |  | $ | 5,266 |
Restricted Stock Units |  |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |  |
Summary of Status of Restricted Common Stock and Restricted Stock Units | The below summary includes restricted stock unit activity within the Company’s 2019 Incentive Award Plan for the three months ended March 31, 2023:
|  | Number of shares |  |  | Weighted average fair value |
Unvested, December 31, 2022 |  |  | 3,101,650 |  |  | $ | 2.78 |
Awarded |  |  | 1,666,340 |  |  |  | 4.78 |
Vested |  |  | (306,775 | ) |  |  | 1.17 |
Forfeited |  |  | (819,050 | ) |  |  | 3.85 |
Unvested as of March 31, 2023 |  |  | 3,642,165 |  |  | $ | 3.59 |
| The below summary includes restricted stock unit activity within the Company’s 2019 Incentive Award Plan for the year ended December 31, 2022.
|  | Number of shares |  |  | Weighted average fair value |
Unvested, December 31, 2021 |  |  | 626,300 |  |  | $ | 9.54 |
Awarded |  |  | 3,576,650 |  |  |  | 3.01 |
Vested |  |  | (551,450 | ) |  |  | 9.54 |
Forfeited |  |  | (549,850 | ) |  |  | 5.06 |
Unvested, December 31, 2022 |  |  | 3,101,650 |  |  | $ | 2.80 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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