v3.23.3

Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 7 – Stock-Based Compensation The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
Research and development |  | $ | 512 |  |  | $ | 613 |  |  | $ | 1,747 |  |  | $ | 2,044 |  |
General and administrative |  |  | 623 |  |  |  | 943 |  |  |  | 2,413 |  |  |  | 2,536 |  |
Total stock-based compensation expense |  | $ | 1,135 |  |  | $ | 1,556 |  |  | $ | 4,160 |  |  | $ | 4,580 |  |
As of September 30, 2023, there was $3.7 million of total unrecognized stock-based compensation related to outstanding equity awards, which is expected to be recognized over a weighted average remaining amortization period of 1.5 years. The fair value of stock options granted during the periods indicated was estimated using the Black-Scholes option pricing model, based on the following assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Exercise price |  | $0.98 |  | $1.66 - $2.19 |  | $0.89 - $1.53 |  | $1.53 - $2.45
Expected volatility |  | 77.5% - 83.1% |  | 78.6% - 81.7% |  | 77.5% - 83.1% |  | 78.6% - 81.7%
Risk-free rate |  | 4.23% - 4.24% |  | 2.62% - 4.15% |  | 3.59% - 4.24% |  | 1.41% - 4.15%
Expected term (years) |  | 5.5 - 7.0 |  | 5.5 - 7.0 |  | 5.5 - 7.5 |  | 5.5 - 7.5
Expected dividend yield |  | 0% |  | 0% |  | 0% |  | 0%

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