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Stockholders' Equity And Stock-Based Compensation Expense | 3 Months Ended
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Mar. 31, 2023
Stockholders’ Equity And Stock-Based Compensation Expense [Abstract] |
Stockholders' Equity And Stock-Based Compensation Expense | Note 7. Stockholders’ Equity and Stock-Based Compensation Expense 2022 Registered Direct Offering On November 22, 2022, the Company completed a common stock offering pursuant to which certain investors purchased 1,666,667 shares of common stock at a price of $30.00 per share. Net proceeds of the offering were approximately $47.3 million after deducting offering expenses. At-the-Market Common Stock Offering In March 2020, the Company established an at-the-market offering program (“2020 Program”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2020. The Company gave notice of termination for the 2020 Program on April 26, 2023, which is effective May 1, 2023. There were no common stock sales under the 2020 Program through its termination. Stock Option and Performance Award Activity in 2023 During the three months ended March 31, 2023, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows:
|  | Stock Options |  |  | Performance Awards
Outstanding as of December 31, 2022 |  | 2,529,448 |  |  | 7,142
Options granted |  | — |  |  | —
Options exercised |  | (19,017) |  |  | —
Options forfeited/canceled |  | — |  |  | —
Outstanding as of March 31, 2023 |  | 2,510,431 |  |  | 7,142
The weighted average exercise price of options outstanding at March 31, 2023 was $12.15. As outstanding options vest over the current remaining vesting period of 2.3 years, the Company expects to recognize stock-based compensation expense of $7.0 million. If and when outstanding Performance Awards vest, the Company will recognize stock-based compensation expense of $0.1 million over the implicit service period. During the three months ended March 31, 2023, there were 19,017 stock options exercised. Of the stock options exercised, 5,139 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Cash proceeds to the Company for options not net settled totaled $64,000 during the three months ended March 31, 2023. During the three months ended March 31, 2022, there were 19,609 stock options exercised. Of the stock options exercised, 5,121 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Cash proceeds to the Company for options not net settled totaled $211,000 during the three months ended March 31, 2022. Stock-based Compensation Expense in 2023 During the three and nine months ended March 31, 2023 and 2022, the Company’s stock-based compensation expense was as follows (in thousands):
|  | Three months ended
|  | March 31,
|  | 2023 |  | 2022
Research and development |  | $ | 389 |  | $ | 422
General and administrative |  |  | 284 |  |  | 73
Total stock-based compensation expense |  | $ | 673 |  | $ | 495
2018 Equity Incentive Plan The Company’s Board of Directors (the “Board”) or a designated committee of the Board is responsible for administration of the Company’s 2018 Omnibus Incentive Plan, as amended (the “2018 Plan”) and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan, as amended on May 5, 2022, provides for issuance of up to 5,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan. ﻿ When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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