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Share-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based CompensationThe Company has issued nonqualified stock option awards to management, other key employees, consultants, and nonemployee directors. These option awards generally vest ratably over a three-year period and the option awards expire after a term of ten years from the date of grant. As of September 30, 2023, the Company had total unrecognized stock-based compensation expense for its outstanding stock option awards of approximately $1.8 million, which is expected to be
recognized over a weighted average period of 2.2 years. The weighted average grant date fair value of options granted during the nine months ended September 30, 2023 and 2022 was $0.76 and $0.68 per option, respectively. The aggregate intrinsic value of the in-the-money awards outstanding at September 30, 2023 was immaterial.
The following table summarizes the activity related to the stock option awards for the nine months ended September 30, 2023:
Number of Shares Weighted
Average Exercise Price
Awards outstanding at December 31, 20228,418,571 $2.17 
Granted1,176,868 0.87 
Forfeited(50,000)1.29 
Awards outstanding at September 30, 20239,545,439 $2.01 
Options exercisable at September 30, 20235,018,072 $3.04 
Weighted average remaining contractual term6.6 Years
Options vested and expected to vest at September 30, 20238,188,444 $2.21 
Weighted average remaining contractual term7.5 Years
Compensation expense related to the grants of stock options is included in research and development and general and administrative expense as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Research and development$113 $109 $316 $289 
General and administrative320 229 859 692 
Total share-based compensation expense$433 $338 $1,175 $981