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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2023
Stock-Based Compensation  
Stock-Based Compensation

(8) Stock-Based Compensation

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective on January 31, 2020, succeeding the Company’s previous equity incentive plan. No new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1,000,000 to 2,000,000. As of March 31, 2023, 311,169 shares were available for future grants.

Stock-based compensation expense was as follows:

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Three Months Ended

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March 31, 

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2023

    

2022

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General and administrative

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$

769,102

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$

2,245,043

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Research and development

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773,236

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1,189,901

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$

1,542,338

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$

3,434,944

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During the three months ended March 31, 2023, the Company granted options to purchase 81,705 shares of common stock at a weighted-average exercise price of $13.17 per share to employees, members of its board of directors and consultants. The options have service-based vesting conditions and vest in substantially equal quarterly installments over two years and have a 10-year term. The options granted during the three months ended March 31, 2023 were valued using the Black Scholes option pricing model using the following weighted-average assumptions: (i) expected term of 5.6 years; (ii) risk free interest rate of 3.42%; (iii) expected volatility of 131.8%; and (iv) dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the three months ended March 31, 2023 was $11.73 per share.

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Stock options exercised during the three months ended March 31, 2023 and 2022, were 52,755 and 63,353, respectively. As of March 31, 2023, there were 1,686,292 options outstanding, of which 1,366,837 were vested and exercisable. As of December 31, 2022, there were 1,657,342 options outstanding, of which 1,310,667 were vested and exercisable.