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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
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Stock-Based Compensation | 10. Stock-Based Compensation The Company recognized stock-based compensation expense on all employee and non-employee awards as follows:
|  | For the Three Months Ended March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Research and development |  |  | 176 |  |  |  | 315 |
General and administrative |  |  | 735 |  |  |  | 538 |
Stock-based compensation expense |  | $ | 910 |  |  | $ | 853 |
The Company granted an aggregate of 3,065,168 stock options during the three months ended March 31, 2023, with a weighted-average grant date fair value of $0.39 per share, and granted an aggregate of 2,690,000 stock options during the three months ended March 31, 2022, with a weighted-average grant date fair value of $0.47 per share. For the three months ended March 31, 2023 and 2022, 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 March 31,
|  | 2023 |  | 2022
Risk-free interest rate |  | 3.58 – 3.87% |  | 1.63 – 2.43%
Expected life in years |  | 5.06 - 6.25 |  | 6.25
Expected volatility |  | 89.69 - 95.63% |  | 74.49 – 76.27%
Expected dividend yield |  | —% |  | —%
2. Stock option activity under the Company’s stock option plans for the three months ended March 31, 2023 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, 2022 |  |  | 10,408,622 |  |  | $ | 1.84 |  |  |  |  |  |  |
Granted |  |  | 3,065,168 |  |  |  | 0.52 |  |  |  |  |  |  |
Cancelled |  |  | (160,544 | ) |  |  | 1.90 |  |  |  |  |  |  |
Outstanding, March 31, 2023 |  |  | 13,313,246 |  |  | $ | 1.54 |  |  |  | 8.80 |  |  | $ | 364 |
Options exercisable, March 31, 2023 |  |  | 4,553,574 |  |  | $ | 2.31 |  |  |  | 7.99 |  |  | $ | — |
Options exercisable, December 31, 2022 |  |  | 3,891,598 |  |  | $ | 2.46 |  |  |  | 8.08 |  |  | $ | — |
Options available for future grant, March 31, 2023 |  |  | 12,555,464 |  |  |  |  |  |  |  |  |  |
At March 31, 2023, total unrecognized compensation costs related to unvested stock options outstanding amounted to $6.6 million. The cost is expected to be recognized over a weighted-average period of 1.96 years. A summary of the status of unvested restricted stock for the three months ended March 31, 2023 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested, December 31, 2022 |  |  | 939,062 |  |  | $ | 1.40 |
Vested |  |  | (40,937 | ) |  |  | 0.90 |
Unvested, March 31, 2023 |  |  | 898,125 |  |  | $ | 1.43 |
At March 31, 2023, total unrecognized compensation costs related to unvested restricted stock outstanding amounted to $0.9 million. The cost is expected to be recognized over a weighted-average period of 1.72 years.

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