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Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Equity-Based Compensation Expense Classification in Statement of Operations | Equity-based compensation expense is classified in the statements of operations as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 (Restated) |  | 2022 |  | 2023 (Restated) |  | 2022
Research and development expense | $ | — |  |  | $ | 171 |  |  | $ | 154 |  |  | $ | 330 |
General and administrative expense | 969 |  |  | 336 |  |  | 1,123 |  |  | 519 |
| $ | 969 |  |  | $ | 507 |  |  | $ | 1,277 |  |  | $ | 849 |
Schedule of Assumptions Used to Determine Fair Value of Common Stock Option Grants | The following table presents the assumptions used in the Black-Scholes option-pricing model for stock options granted during the six months ended June 30, 2023 and 2022:
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022
Expected term | 5.8 to 5.8 years |  | 5.3 to 6.1 years
Risk-free interest rate | 3.83% to 3.83%; weighted avg. 3.83% |  | 2.86% to 3.56%; weighted avg. 2.91%
Expected volatility | 100.9% to 100.9%; weighted avg. 100.9% |  | 95.2% to 95.8%; weighted avg. 95.2%
Forfeiture rate | 5 | % |  | 5 | %
Expected dividend yield | — | % |  | — | %
The fair value of the underlying common stock and the exercise price for the common stock options granted during the six months ended June 30, 2023 and 2022 are summarized in the table below.
Common Stock Options Granted During Period Ended: | Fair Value of Underlying Common Stock |  | Exercise Price of Common Stock Option
Six months ended June 30, 2023 | $1.58; weighted avg. $1.58 |  | $1.58; weighted avg. $1.58
Six months ended June 30, 2022 | $3.46 to $5.51; weighted avg. $4.56 |  | $3.46 to $5.51; weighted avg. $4.56
Schedule of Common Stock Option Activity | A summary of common stock option activity as of the periods indicated is as follows:
| Options |  | Weighted-Average Exercise Price (1) |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (thousands)
Outstanding - December 31, 2022 | 222,833 |  |  | $ | 4.74 |  |  | 7.5 |  | $ | — |
Granted | 10,000 |  |  | 1.58 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | (65,927) |  |  | 5.40 |  |  |  |  |
Outstanding - June 30, 2023 | 166,906 |  |  | $ | 4.28 |  |  | 6.1 |  | $ | — |
Exercisable - June 30, 2023 | 161,763 |  |  | $ | 4.26 |  |  | 6.1 |  | $ | — |
Vested and Expected to Vest - June 30, 2023 | 166,671 |  |  | $ | 4.28 |  |  | 6.1 |  | $ | — |
(1) On March 24, 2022, the Company’s Board of Directors unanimously approved the repricing of all outstanding and unexercised stock options granted under our 2015 Equity Incentive Plan and 2017 Equity Incentive Plan and held by its current employees, executive officers, and directors. Effective April 1, 2022, the exercise price of the eligible stock options was reduced to $5.51, the closing price of our common stock on April 1, 2022. See below section titled “Repricing of Outstanding and Unexercised Options” for more information.
Schedule of Restricted Stock Unit Awards Activity | A summary of restricted stock unit activity of the periods indicated is as follows:
| Restricted Stock Units |  | Weighted-Average Grant Date Fair Value
Unvested balance - December 31, 2022 | 20,885 |  |  | $ | 12.65 |
Granted | 295,992 |  |  | 1.02 |
Settled | (305,569) |  |  | 1.91 |
Forfeited | (3,608) |  |  | 14.58 |
Unvested balance - June 30, 2023 | 7,700 |  |  | $ | 10.41 |
Schedule of Performance-based Restricted Stock Unit Activity | A summary of performance-based restricted stock unit activity of the periods indicated is as follows:
| Performance-Based Restricted Stock Units |  | Weighted-Average Grant Date Fair Value
Unvested balance - December 31, 2022 | 97,643 |  |  | $ | 3.45 |
Granted | — |  |  | — |
Settled | (97,643) |  |  | 1.91 |
Unvested balance - June 30, 2023 | — |  |  | $ | — |

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