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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Stock Option Transations | The following table summarizes the stock option transactions for the 2006 Plan:
|  | Total Options |  |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2022 |  |  | 739,511 |  |  | $ |  | 6.94 |  |  |  | 7.36 |  |  | $ |  | 8,903 |
Assumed in the Merger |  |  | 310,431 |  |  |  |  | 76.72 |  |  |  | — |  |  |  |  | — |
Granted |  |  | 180,231 |  |  |  |  | 17.34 |  |  |  | — |  |  |  |  | — |
Outstanding at March 31, 2023 |  |  | 1,230,173 |  |  | $ |  | 26.14 |  |  |  | 5.82 |  |  | $ |  | 371 |
Vested and exercisable at March 31, 2023 |  |  | 941,638 |  |  | $ |  | 30.53 |  |  |  | 5.82 |  |  | $ |  | 371 |
Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of the stock option grants | The following is the range of underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the three months ended March 31, 2023 and 2022:
|  | Three Months Ended March 31,
|  | 2023 |  |  | 2022
Risk free interest rate |  | 3.56% |  |  | 1.62%-1.76%
Expected volatility |  | 75% |  |  | 88%
Expected term (years) |  |  | 6.25 |  |  | 5.50-6.08
Expected dividend yield |  | 0% |  |  | 0%
Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted | Stock-based compensation expense recognized for options and restricted stock units granted was as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2023 |  |  | 2022 |  |
Research and development |  | $ | 2,080 |  |  | $ | 224 |  |
General and administrative |  |  | 9,046 |  |  |  | 111 |  |
Total stock-based compensation expense |  | $ | 11,126 |  |  | $ | 335 |  |
The stock-based compensation expense includes one-time charges for the acceleration of vesting of the Graybug stock options at the date of the Merger of $1.9 million and $8.6 million in research and development and general and administrative expenses, respectively.
Schedule of Common Stock Reserved for Future issuance | Common stock reserved for future issuance consists of the following at March 31, 2023:
|  | March 31, |
|  | 2023 |
Common stock warrants |  |  | 276,437 |
Stock options issued and outstanding |  |  | 1,230,173 |
Shares available for issuance under the 2023 Plan |  |  | 1,000,000 |
Shares available under the 2023 ESPP |  |  | 65,000 |
Total |  |  | 2,571,610 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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