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Stock-based Compensation | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-based Compensation |
1 3. | Stock-based Compensation
On February 6, 2020, the Company amended the Company’s 2015 New Employee Incentive Plan (the “2015 Plan”) to increase the total number of shares of common stock reserved for issuance under the plan by 250,000 shares. Awards may only be granted under the 2015 Plan to employees who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as a material inducement to entering into employment with the Company. As of December 31, 2021, there were 90,389 shares of common stock remaining and available for future issuances under the 2015 Plan. On June 16, 2020, the stockholders of the Company approved the Company’s 2020 Stock Incentive Plan (the “2020 Plan”), which replaced the Company’s 2014 Equity Incentive Plan. The 2020 Plan provides for the award or sale of shares of common stock (including restricted stock), the award of stock units and stock appreciation rights, and the grant of both incentive stock options to purchase common stock. The 2020 Plan provides for the issuance of up to 550,000 shares of common stock, and the number of shares available for issuance will be increased to the extent that awards granted under the 2020 Plan and the Company’s 2014 Equity Incentive Plan are forfeited or expire (except as otherwise provided in the 2020 Plan). On May 17, 2021, the stockholders of the Company approved an amendment and restatement to the 2020 Plan to increase the total number of shares of common stock reserved for issuance under the 2020 Plan by 1,000,000 shares. As of December 31, 2021, there were 640,212 shares of common stock remaining and available for future issuances under the 2020 Plan. Stock Options Generally, options issued under the 2020 Plan are subject to a two-year or four-year vesting schedule with 25% of the options vest on one year anniversary of the grant date, and have a contractual term of 10 years. A summary of activity for the year ended December 31, 2021 is as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Balance as of December 31, 2020 |  |  | 531,336 |  |  | $ | 10.01 |  |  |  |  |  |  |  |  |
Granted |  |  | 680,227 |  |  | $ | 2.52 |  |  |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (40,673 | ) |  | $ | 16.69 |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 |  |  | 1,170,890 |  |  | $ | 5.01 |  |  |  | 9.00 |  |  | $ | - |
Vested and expected to vest at December 31, 2021 |  |  | 378,010 |  |  | $ | 10.37 |  |  |  | 8.70 |  |  | $ | - |
Exercisable at December 31, 2021 |  |  | 1,089,944 |  |  | $ | 5.16 |  |  |  | 9.00 |  |  | $ | - |
The Company settles exercises of stock options with newly issued shares of its common stock. There were no stock options exercised in 2021 or 2020. The fair value of each option awarded during the years ended December 31, 2021 and 2020 was estimated on the date of grant using the Black-Scholes-Merton option valuation model based on the following weighted-average assumptions:
|  | December 31, 2021 |  |  | December 31, 2020 |
Expected term |  |  | 6 years |  |  | 5.8 years |
Risk-free interest rate |  |  | 1.00 | % |  |  | 0.58 | %
Expected volatility |  |  | 127.0 | % |  |  | 128.6 | %
Dividends |  |  | 0 | % |  |  | 0 | %
Resulting fair value |  | $ | 2.23 |  |  | $ | 1.87 |
The weighted average risk-free interest rate represents the interest rate for treasury constant maturity instruments published by the Federal Reserve Board. If the term of available treasury constant maturity instruments is not equal to the expected term of an employee option, we use the weighted average of the two Federal Reserve securities closest to the expected term of the employee option. The dividend yield has been assumed to be zero as the Company (a) has never declared or paid any dividends and (b) does not currently anticipate paying any cash dividends on its outstanding shares of common stock in the foreseeable future. The following table summarizes share-based compensation recognized during the years ended December 31, 2021 and 2020 in the statement of operations and comprehensive loss:
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 75 |  |  | $ | 32 |
General and administrative |  |  | 531 |  |  |  | 215 |
Total share-based compensation |  | $ | 606 |  |  | $ | 247 |
As of December 31, 2021, the total compensation cost related to non-vested stock options and stock awards not yet recognized for all our plans is approximately $1.5 million, which is expected to be recognized as a result of vesting under service conditions over a weighted average period of 2.9 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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