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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company has issued non-qualified stock option awards to management, other key employees, consultants, and non-employee directors and these options ratably vest over a four-year period. In addition, we issued options in connection with the private placement on February 27, 2024, that vest ratably over a three-year period. The option awards expire after a term of ten years from the date of grant. As of September 30, 2024, the Company had total unrecognized stock-based compensation expense for its outstanding stock option awards of approximately $4.7 million, which is expected to be recognized over a weighted average period of 2.5 years. The weighted average grant date fair value of options granted during the nine months ended September 30, 2024 and 2023 was $14.85 and $30.59 per option, respectively. The aggregate intrinsic value of the in-the-money awards outstanding at September 30, 2024 was de minimis. On February 23, 2024, in connection with the Private Placement, several directors resigned as members of the Company’s Board of Directors, effective on the closing of the Private Placement. As a result of their resignations, 14,340 stock options to purchase shares of common stock were modified to increase the time period to exercise the options and 7,590 stock options to purchase shares of common stock were modified to accelerate vesting at the termination date. All the unvested options were modified to be fully vested as of the posting of the Private Placement which resulted in a reduction in their fair value. The Company incurred $0.1 million reduction in stock compensation expense for the modifications for the nine months ended September 30, 2024. The following table summarizes the activity related to the stock option awards for the nine months ended September 30, 2024:
| Number of Shares |  | Weighted Average Exercise Price
Awards outstanding at December 31, 2023 | 249,247 |  |  | $ | 77.53 |
Granted | 447,499 |  |  | 13.11 |
Forfeited | (5,153) |  |  | 18.75 |
Awards outstanding at September 30, 2024 | 691,593 |  |  | $ | 36.29 |
Options exercisable at September 30, 2024 | 237,800 |  |  | $ | 75.20 |
Weighted average remaining contractual term | 6.9 Years |  |
Options vested and expected to vest at September 30, 2024 | 551,200 |  |  | $ | 41.73 |
Weighted average remaining contractual term | 8.2 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,
| 2024 |  | 2023 |  |  | 2024 |  | 2023
Research and development | $ | 228 |  |  | $ | 113 |  |  |  | $ | 511 |  |  | $ | 316 |
General and administrative | 625 |  |  | 320 |  |  |  | 1,421 |  |  | 859 |
Total share-based compensation expense | $ | 853 |  |  | $ | 433 |  |  |  | $ | 1,932 |  |  | $ | 1,175 |

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