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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Under the Company’s stock option plans, the Board of Directors may grant restricted stock and options to purchase common shares to the Company's employees, officers, directors and consultants. The Company accounts for stock options in accordance with FASB ASC Topic 718, Compensation - Stock Compensation, with stock-based compensation expense recognized over the vesting period based on the fair value on the grant date utilizing the Black-Scholes model, which includes a number of estimates that affect the grant date fair value and the amount of expense to recognize. The Company recognized approximately $1,351,000 and $4,200,000, respectively, in stock-based compensation expense during the three and nine months ended September 30, 2023, as compared with $1,692,000 and $5,056,000, respectively, for the three and nine months ended September 30, 2022. Stock option activity is summarized as follows:
| Number of options |  | Weighted average exercise price
Outstanding at December 31, 2022 | 6,520,444 |  |  | $ | 7.12 |
Granted | 1,527,865 |  |  | 2.63 |
Exercised | (57,000) |  |  | 2.65 |
Canceled and forfeited | (278,546) |  |  | 7.03 |
Outstanding at September 30, 2023 | 7,712,763 |  |  | $ | 6.27 |
The Company allows stock option holders to exercise stock-based awards by surrendering stock-based awards with an intrinsic value equal to the cumulative exercise price of the stock-based awards being exercised, referred to as net settlements. These surrenders are included in stock options exercised in the options rollforward above. For the three months ended September 30, 2023 and 2022, respectively, we received 6,662 and 55,853 options as payment in the exercise of 5,338 and 33,313 options. For the nine months ended September 30, 2023 and 2022, respectively, we received 10,967 and 92,520 options as payment in the exercise of 11,033 and 72,313 options. Common shares required to be issued upon the exercise of stock options would be issued from authorized and unissued shares. The Company calculated the grant date fair value of options granted in 2023 (“2023 Grants”) utilizing a Black-Scholes model.
| 2023 Grants |  |  |  |
Strike price | $2.50 | - | $4.21 |  |  |  |  |  |  |  |
Risk-free rate | 3.6% | - | 4.3% |  |  |  |  |  |
Expected dividend yield | — |  |  |  |
Expected volatility | 85.8% | - | 88.4% |  |  |  |  |  |  |  |
Expected term (in years) | 6 |  |  |  |  |  |

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