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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

10. STOCK‑BASED COMPENSATION

On June 22, 2023, the Company’s stockholders approved the Company’s Amended and Restated 2017 Equity Incentive Plan, which amended and restated the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”), to (i) increase the number of shares of common stock authorized for issuance thereunder by 1,250,000 shares; (ii) limit the number of incentive stock options that can be granted under the plan to 7,738,761 shares of common stock; (iii) add an annual limit on non-employee director compensation, including cash and the value of equity awards, of $750,000 for incumbent directors and $1,000,000 in a director’s first year of service; and (iv) extend the term of the plan (including the duration of the evergreen) to 10 years from June 22, 2023, the date that stockholders approved the plan. In addition, the Amended and Restated 2017 Equity Plan provides for an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2024 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2033, equal to the lower of (i) 4% of the sum of (I) the number of outstanding shares of common stock on such date and (II) the number of shares of common stock issuable upon conversion of any outstanding shares of convertible preferred stock of the Company on such date (without giving effect to any restrictions or limitations on conversion) and (ii) an amount determined by the Company’s board of directors.

As of March 31, 2024, there were 92,062 shares of common stock available for grant under the Amended and Restated 2017 Equity Incentive Plan.

During the three months ended March 31, 2024, the Company granted options for the purchase of 287,691 shares of common stock, including inducement grant options to purchase 3,125 shares of common stock to a new employee made outside of the 2017 Plan in accordance with Nasdaq Listing Rule 5635(c)(4), and 63,080 RSUs. In January 2024, employees of the Company purchased an aggregate of 3,579 shares under the Employee Stock Purchase Plan.

The assumptions used in determining fair value of the stock options granted during the three months ended March 31, 2024 are as follows:

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Three Months Ended March 31,

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2024

Expected volatility

108.1%

–

108.2%

Risk-free interest rate

3.98%

–

3.98%

Expected dividend yield

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0%

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Expected term (in years)

6.02

–

6.07

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During the three months ended March 31, 2024, the weighted average grant-date fair value of options granted was $5.86.

As of March 31, 2024, a total of 841,235 RSUs were outstanding, consisting of 838,575 unvested RSUs and 2,660 vested and deferred shares by directors.

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows for the three months ended March 31, 2024 and 2023:

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Three Months Ended

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March 31, 

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2024

    

2023

Research and development

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$

665

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$

385

General and administrative

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1,711

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939

Total

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$

2,376

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$

1,324

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