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EQUITY INCENTIVE PLAN | 3 Months Ended
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Mar. 31, 2023
EQUITY INCENTIVE PLAN [Abstract] |
EQUITY INCENTIVE PLAN | 9. EQUITY INCENTIVE PLAN The Company currently issues stock awards under its 2017 Stock Option and Incentive Plan, as amended (the “2017 Plan”) which will expire on June 5, 2027. The shares authorized for issuance under the 2017 Plan were 4,993,866 at March 31, 2023, of which 227,662 were available for future grant. The shares authorized under the 2017 Plan are subject to annual increases on January 1 by 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or such lessor number of shares determined by the Company’s Board of Directors or Compensation Committee. During the three months ended March 31, 2023, the shares authorized for issuance increased by 1,141,013 shares. Stock Options. The Company accounts for all stock-based compensation payments to employees and directors, including grants of employee stock options, at fair value at the date of grant and expenses the benefit in operating expense in the condensed consolidated statements of operations over the service period of the awards. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and estimated forfeiture rate. During the three months ended March 31, 2023, the Company granted stock options to purchase up to 1,100,600 shares of common stock at a weighted average exercise price of $0.62 per share. These awards have vesting periods of up to four years and had a weighted average grant date fair value of $0.59. The fair value calculation of options granted during the three months ended March 31, 2023 used the following assumptions: risk free interest rate of 3.66%, based on the U.S. Treasury yield in effect at the time of grant; expected life of six years; and volatility of 162% based on historical volatility of the Company’s common stock over a time that is consistent with the expected life of the option. The following table summarizes stock option activity under our plans during the three months ended March 31, 2023:
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted-Average
​ | ​ | Options | ​ | Exercise Price
Outstanding at January 1, 2023 |  | 3,681,336 | ​ | $ | 2.84
Granted |  | 1,100,600 | ​ |  | 0.62
Forfeited |  | (17,031) | ​ |  | 1.80
Outstanding at March 31, 2023 |  | 4,764,905 | ​ | $ | 2.33
Exercisable at March 31, 2023 |  | 2,482,475 | ​ | $ | 3.05
​ As of March 31, 2023, there were 4,054,451 options that were vested or expected to vest with aggregate intrinsic value of less than $0.1 million and a remaining weighted average contractual life of 8.3 years. During the three months ended March 31, 2022, there were 1,004,000 options granted with a weighted average exercise price of $1.54 per share and 3,800 options forfeited with a weighted average exercise price of $4.95 per share. For the three months ended March 31, 2023 and 2022, we recorded non-cash stock-based compensation expense for all stock awards of $0.5 million and $2.2 million, respectively, within operating expense in the accompanying statements of operations. As of March 31, 2023, the unrecognized compensation expense related to unvested stock awards was $3.3 million, which is expected to be recognized over a weighted-average period of 2.5 years.

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