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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Stock Option Activity

The following summarizes stock option activity for the year ended December 31, 2022:

		Outstanding Options				Weighted- Average Exercise Price Per Share				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands) (a)
Balances as of December 31, 2021			3,947,025			$	4.58
Granted			2,169,800			$	3.63
Exercised			-			$	-
Forfeitures and cancellations			(1,014,324	)		$	4.90
Balances as of December 31, 2022			5,102,501			$	4.11				7.71			$	-
Options exercisable as of December 31, 2022			2,483,222			$	4.23				6.75			$	-

(a)Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on December 31, 2022 of $1.06 and the price of the underlying options.

Summary of Non-cash Stock-based Compensation Expense

Total non-cash stock-based compensation expense for all stock awards and purchase rights, net of forfeitures recognized as they occur, that was recognized in the consolidated statement of operations is as follows (in thousands):

		Year Ended December 31,
		2022				2021
Research and development		$	1,799			$	1,976
General and administrative			3,042				2,434
Total		$	4,841			$	4,410

Summary of Weighted-Average Assumptions Used to Determine Fair Value of Stock Option Grants

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:

		Year Ended December 31,
		2022		2021
Risk-free interest rate		1.93%		0.68%
Expected volatility		81.60%		88.55%
Expected term (in years)		5.84		6.01
Expected dividend yield		0%		0%

Summary of Reserved Shares of Common Stock for Future Issuance

Common stock reserved for future issuance consists of the following as of December 31, 2022 and 2021:

		December 31,
		2022				2021
Stock options issued and outstanding			5,102,501				3,947,025
Warrants for common stock			1,366,141				1,366,141
Awards available under the 2018 Equity Incentive Plan			784,331				467,024
Employee stock purchase plan			925,963				769,658
Total			8,178,936				6,549,848

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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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