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Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Stockholders’ Equity

9. Stockholders’ Equity

As of March 31, 2023, the Company’s authorized capital stock consisted of 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.

The Company had 34,414,149 shares of common stock outstanding as of March 31, 2023 and December 31, 2022.

Stock Options

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.

At March 31, 2023, unamortized stock compensation for stock options was $7.2 million, with a weighted-average recognition period of 3.1 years.

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

 

 

 

Common Stock Reserved 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