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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2022
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Stock-Based Compensation Expense on All Employee and Non-Employee Awards | The Company recognized stock-based compensation expense on all employee and non-employee awards as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  |  | 145 |  |  |  | 535 |  |  |  | 673 |  |  |  | 2,115 |
General and administrative |  |  | 663 |  |  |  | 1,836 |  |  |  | 1,978 |  |  |  | 7,742 |
Stock-based compensation expense |  | $ | 808 |  |  | $ | 2,371 |  |  | $ | 2,651 |  |  | $ | 9,857 |
Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model | For the three and nine months ended September 30, 2022 and 2021, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Risk-free interest rate |  | 2.94 – 3.62% |  | 0.89 – 0.96% |  | 1.63 – 3.62% |  | 0.50 – 1.15%
Expected life in years |  | 6.23 - 6.25 |  | 6.00 - 6.25 |  | 5.27 - 6.25 |  | 5.50 - 6.25
Expected volatility |  | 82.43 - 85.89% |  | 72.53 - 72.84% |  | 74.49 - 85.89% |  | 72.53 - 74.80%
Expected dividend yield |  | —% |  | —% |  | —% |  | —%
Stock Option Activity under Stock Option Plan | Stock option activity under the Company’s stock option plans for the nine months ended September 30, 2022 is as follows:
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding, December 31, 2021 |  |  | 10,665,869 |  |  | $ | 2.87 |  |  |  |  |  |  |
Granted |  |  | 4,667,500 |  |  |  | 1.08 |  |  |  |  |  |  |
Exercised |  |  | (26,250 | ) |  |  | 0.80 |  |  |  |  |  |  |
Cancelled |  |  | (4,683,904 | ) |  |  | 3.40 |  |  |  |  |  |  |
Outstanding, September 30, 2022 |  |  | 10,623,215 |  |  | $ | 1.85 |  |  |  | 8.27 |  |  | $ | 3,572 |
Options exercisable, September 30, 2022 |  |  | 3,211,631 |  |  | $ | 2.69 |  |  |  | 7.01 |  |  | $ | 510 |
Options exercisable, December 31, 2021 |  |  | 4,410,312 |  |  | $ | 3.85 |  |  |  | 7.53 |  |  | $ | — |
Options available for future grant, September 30, 2022 |  |  | 15,245,494 |  |  |  |  |  |  |  |  |  |
Summary of Unvested Restricted Stock | A summary of the status of unvested restricted stock for the nine months ended September 30, 2022 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested, December 31, 2021 |  |  | 1,198,580 |  |  | $ | 2.10 |
Granted |  |  | 280,000 |  |  |  | 0.82 |
Vested |  |  | (305,679 | ) |  |  | 2.28 |
Cancelled |  |  | (232,901 | ) |  |  | 3.15 |
Unvested, September 30, 2022 |  |  | 940,000 |  |  | $ | 1.41 |
At September 30, 2022, total unrecognized compensation costs related to unvested restricted stock outstanding amounted to $1.2 million. The cost is expected to be recognized over a weighted-average period of 1.83 years.

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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