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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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 June 30, 2023, 281,169 shares were available for future grants.

Stock-based compensation expense was as follows:

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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2023

    

2022

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2023

    

2022

General and administrative

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$

644,353

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$

1,180,639

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$

1,413,455

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$

3,425,682

Research and development

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927,140

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723,122

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1,700,376

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1,913,023

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$

1,571,493

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$

1,903,761

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$

3,113,831

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$

5,338,705

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During the six months ended June 30, 2023, the Company granted options to purchase 111,705 shares of common stock at a weighted-average exercise price of $13.29 per share to employees. Under the grant agreements, 30,000 of the options vested immediately and have a 10-year term. The rest of the options have service based vesting conditions and generally vest in substantially equal quarterly installments over two years and have a 10 year term. The options granted during the six months ended June 30, 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 3.55%; (iii) expected volatility of 128.6%; 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 June 30, 2023 was $11.72 per share.

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Stock options exercised during the three months ended June 30, 2023 and 2022, were 7,142 and 0, respectively. Stock options exercised during the six months ended June 30, 2023 and 2022, were 59,897 and 70,101, respectively. As of June 30, 2023, there were 1,709,150 options outstanding, of which 1,426,229 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.