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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity during the nine months ended September 30, 2023:
|  | Outstanding Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) (a) |
Balance as of December 31, 2022 |  |  | 5,102,501 |  |  | $ | 4.11 |  |  |  |  |  |  |
Granted |  |  | 2,433,300 |  |  | $ | 0.99 |  |  |  |  |  |  |
Exercised |  |  | - |  |  | $ | - |  |  |  |  |  |  |
Forfeitures and cancellations |  |  | (367,498 | ) |  | $ | 2.43 |  |  |  |  |  |  |
Balance as of September 30, 2023 (b) |  |  | 7,168,303 |  |  | $ | 0.91 |  |  |  | 7.78 |  |  | $ | 29 |
Options exercisable as of September 30, 2023 (b) |  |  | 3,574,240 |  |  | $ | 1.05 |  |  |  | 6.72 |  |  | $ | 4 |
(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 September 29, 2023 of $0.74 and the price of the underlying options. (b) The weighted-average exercise price per share of the options outstanding and exercisable as of September 30, 2023 includes the impact of the repricing of 6,628,589 options on August 14, 2023 at $0.785 per share.
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 366 |  |  | $ | 469 |  |  | $ | 1,153 |  |  | $ | 1,411 |
General and administrative |  |  | 613 |  |  |  | 720 |  |  |  | 1,798 |  |  |  | 2,378 |
Total |  | $ | 979 |  |  | $ | 1,189 |  |  | $ | 2,951 |  |  | $ | 3,789 |
Summary of Reserved Shares of Common Stock for Future Issuance | Common stock reserved for future issuance is as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
Stock options issued and outstanding |  |  | 7,168,303 |  |  |  | 5,102,501 |
Warrants for common stock |  |  | 1,366,141 |  |  |  | 1,366,141 |
Awards available under the 2018 Equity Incentive Plan |  |  | 439,236 |  |  |  | 784,331 |
Employee stock purchase plan |  |  | 1,114,887 |  |  |  | 925,963 |
Total |  |  | 10,088,567 |  |  |  | 8,178,936 |

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