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Equity-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Equity-based Compensation

Schedule of fair value of options granted using the Black-Scholes option pricing model

​

​	​	​	​	​	​
​	​	Three Months Ended March 31,			​
​		2023		2022
Fair value of common stock	​	$1.65 – $2.12		$3.05	​
Expected volatility		92.29% – 92.68%		91.29%	​
Risk-free interest rate		3.46% – 4.21%		2.36%	​
Dividend yield		0.00%		0.00%	​
Expected term (years)		6.18 – 6.21		6.08	​

​

Summary of activity for options

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Options Outstanding
​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	Weighted-		​	Aggregate		​	Average
​	​	​	​	Average		​	Intrinsic		​	Remaining
​	​	Number of	​	Exercise		​	Value		​	Contractual Life
​		Options		Price			(in 000’s)			(In Years)
Balance, December 31, 2022		3,679,468	​	$	5.13		$	2,085		6.7
Options granted		412,720	​	$	2.08		​	​		​
Options exercised		—	​	$	—		​	​		​
Options forfeited		—	​	$	—		​	​		​
Options expired		(2,182)	​	$	3.01		​	​		​
Balance, March 31, 2023		4,090,006	​	$	5.13	​	$	2,085		6.7
Exercisable as of March 31, 2023		2,430,915	​	$	4.75	​	$	1,506	​	6.0

​

Schedule of restricted stock units award activity

​

​	​	​	​	​	​
​		Number of		​	Weighted-Average
​	​	Restricted	​	​	Grant Date
​	​	Stock Units	​	​	Fair Value
Outstanding at December 31, 2022	​	—	​	$	—
Granted	​	375,870	​	$	2.09
Vested	​	—	​	$	—
Forfeited	​	—	​	$	—
Outstanding at March 31, 2023	​	375,870	​	$	2.09

​

Schedule of total equity-based compensation expense

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2023			2022
Research and development	​	$	157	​	$	234	​
General and administrative	​		1,030	​		767	​
Total equity-based compensation	​	$	1,187	​	$	1,001	​

​

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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