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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2023:
|  | 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, 2022 |  |  | 5,102,501 |  |  | $ | 4.11 |  |  |  |  |  |  |
Granted |  |  | 2,034,500 |  |  | $ | 1.05 |  |  |  |  |  |  |
Exercised |  |  | - |  |  | $ | - |  |  |  |  |  |  |
Forfeitures and cancellations |  |  | (41,226 | ) |  | $ | 5.85 |  |  |  |  |  |  |
Balances as of March 31, 2023 |  |  | 7,095,775 |  |  | $ | 3.23 |  |  |  | 8.17 |  |  | $ | 1 |
Options exercisable as of March 31, 2023 |  |  | 3,035,253 |  |  | $ | 4.15 |  |  |  | 6.95 |  |  | $ | - |
(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 March 31, 2023 of $0.73 and the price of the underlying options.
Summary of Non-cash Stock-based Compensation Expense | The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 628 |  |  | $ | 544 |
General and administrative |  |  | 410 |  |  |  | 754 |
Total |  | $ | 1,038 |  |  | $ | 1,298 |
Summary of Reserved Shares of Common Stock for Future Issuance | Common stock reserved for future issuance at March 31, 2023 is as follows:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Stock options issued and outstanding |  |  | 7,095,775 |  |  |  | 5,102,501 |
Warrants for common stock |  |  | 1,366,141 |  |  |  | 1,366,141 |
Awards available under the 2018 Equity Incentive Plan |  |  | 511,764 |  |  |  | 784,331 |
Employee stock purchase plan |  |  | 1,269,238 |  |  |  | 925,963 |
Total |  |  | 10,242,918 |  |  |  | 8,178,936 |

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