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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 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 September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  |  | 90 |  |  |  | 145 |  |  |  | 446 |  |  |  | 673 |
General and administrative |  |  | 636 |  |  |  | 663 |  |  |  | 2,104 |  |  |  | 1,978 |
Stock-based compensation expense |  | $ | 726 |  |  | $ | 808 |  |  | $ | 2,550 |  |  | $ | 2,651 |
The Company granted an aggregate of 10,000 stock options during the three months ended September 30, 2023, with a weighted-average grant date fair value of $0.39 per share, and granted an aggregate of 3,695,167 stock options during the nine months ended September 30, 2023, with a weighted-average grant date fair value of $0.39 per share. The Company granted an aggregate of 1,275,000 stock options during the three months ended September 30, 2022, with a weighted-average grant date fair value of $1.52 per share, and granted an aggregate of 7,150,438 stock options during the nine months ended September 30, 2022, with a weighted-average grant date fair value of $1.91 per share. For the three and nine months ended September 30, 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 September 30, |  | For the Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Risk-free interest rate |  | 4.01% |  | 2.94 – 3.62% |  | 3.51 – 4.01% |  | 1.63 – 3.62%
Expected life in years |  | 6.25 |  | 6.23 – 6.25 |  | 5.06 – 6.25 |  | 5.27 – 6.25
Expected volatility |  | 90.65% |  | 82.43 – 85.89% |  | 89.69 – 95.63% |  | 74.49 – 85.89%
Expected dividend yield |  | —% |  | —% |  | —% |  | —%
2. Stock option activity under the Company’s stock option plans for the nine months ended September 30, 2023 was 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 |  |  | 3,695,167 |  |  |  | 0.51 |  |  |  |  |  |  |
Cancelled |  |  | (1,686,760 | ) |  |  | 1.35 |  |  |  |  |  |  |
Outstanding, September 30, 2023 |  |  | 12,417,029 |  |  | $ | 1.51 |  |  |  | 8.89 |  |  | $ | — |
Options exercisable, September 30, 2023 |  |  | 6,126,738 |  |  | $ | 2.02 |  |  |  | 5.56 |  |  | $ | — |
Options exercisable, December 31, 2022 |  |  | 3,891,598 |  |  | $ | 2.46 |  |  |  | 8.08 |  |  | $ | — |
Options available for future grant, September 30, 2023 |  |  | 13,451,681 |  |  |  |  |  |  |  |  |  |
At September 30, 2023, total unrecognized compensation costs related to unvested stock options outstanding amounted to $4.2 million. The cost is expected to be recognized over a weighted-average period of 1.70 years. A summary of the status of unvested restricted stock for the nine months ended September 30, 2023 was as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested, December 31, 2022 |  |  | 939,062 |  |  | $ | 1.40 |
Vested |  |  | (501,562 | ) |  |  | 1.20 |
Unvested, September 30, 2023 |  |  | 437,500 |  |  | $ | 1.64 |
At September 30, 2023, total unrecognized compensation costs related to unvested restricted stock outstanding amounted to $0.7 million. The cost is expected to be recognized over a weighted-average period of 1.48 years.

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