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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 2014 Employee Stock Purchase Plan The Company’s 2014 Employee Stock Purchase Plan, or the ESPP, became effective in April 2014, but no offering period has been initiated thereunder since January 2017. There was no stock-based compensation related to the ESPP for the six months ended June 30, 2023 or June 30, 2022. Amended and Restated 2014 Stock Incentive Plan The Amended and Restated 2014 Stock Incentive Plan, or the Amended 2014 Plan, provided for the grant of options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to employees, officers and directors, and consultants and advisors. There were 2,046,885 shares of common stock authorized for issuance under the Amended 2014 Plan when it was approved by the Company's stockholders in July 2018. The number of authorized shares increased annually on the first day of each fiscal year by the least of (i) 2,000,000, (ii) 4% of the number of outstanding shares of common stock on such date, or (iii) an amount determined by the Company’s board of directors. On January 1, 2022, the number of authorized shares increased by 2,000,000 to 2,201,855. As a result of the approval of the 2022 Plan (as defined below) by the Company's stockholders on June 23, 2022, no further awards have been or will be granted under the Amended 2014 Plan. Outstanding awards previously granted under the Amended 2014 Plan continue to remain outstanding in accordance with their terms. 2022 Stock Incentive Plan In April 2022, the Company's board of directors approved the Daré Bioscience, Inc. 2022 Stock Incentive Plan, or the 2022 Plan, which was subsequently approved by the Company's stockholders on June 23, 2022, and became effective as of that date. The 2022 Plan provides for the grant of stock-based incentive awards to employees, consultants, advisors, and directors. The number of shares of common stock authorized for issuance under the 2022 Plan is (a) 10,117,305; plus (b) up to 6,144,682 shares subject to awards granted under the Amended 2014 Plan or the 2007 Stock Incentive Plan that expire, terminate or are otherwise forfeited on or after June 23, 2022. Summary of Stock Option Activity The table below summarizes stock option activity under the Company's stock incentive plans and related information for the six months ended June 30, 2023. The exercise price of all options granted during the six months ended June 30, 2023 was equal to the market value of the Company’s common stock on the date of grant. As of June 30, 2023, unamortized stock-based compensation expense of approximately $5.6 million will be amortized over a weighted average period of 2.47 years. The number of shares of common stock available for future awards granted under the 2022 Plan at June 30, 2023 was 6,718,916.
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2022 | 6,612,554 |  |  | $ | 1.60 |
Granted | 2,857,665 |  |  | 1.13 |
Exercised | — |  |  |
Cancelled/forfeited | — |  |  |
Expired | — |  |  |
Outstanding at June 30, 2023 | 9,470,219 |  |  | $ | 1.46 |
Exercisable at June 30, 2023 | 4,769,873 |  |  | $ | 1.50 |
Compensation Expense Total stock-based compensation expense related to stock options granted to employees and directors recognized in the condensed consolidated statements of operations is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Research and development | $ | 210,198 |  |  | $ | 171,938 |  |  | $ | 410,499 |  |  | $ | 346,552 |
General and administrative | 439,988 |  |  | 365,583 |  |  | 864,308 |  |  | 723,378 |
Total | $ | 650,186 |  |  | $ | 537,521 |  |  | $ | 1,274,807 |  |  | $ | 1,069,930 |

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