Stock-Based Compensation |
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| Stock-Based Compensation |
7. Stock-Based Compensation As of September 30, 2023, an aggregate of 366,924 shares of common stock were authorized under the Company’s 2019 Stock Incentive Plan (the “2019 Plan”), subject to an “evergreen” provision that will automatically increase the maximum number of shares of common stock that may be issued under the term of the 2019 Plan. As of September 30, 2023, 155,994 shares of common stock were available for future grants under the 2019 Plan. As of September 30, 2023, an aggregate of 14,584 shares of common stock were authorized under the Company’s 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and 13,334 shares of common stock were available for future grants under the 2016 Plan. The Company recorded stock-based compensation expense (benefit) in the following expense categories of its unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:
Stock-based compensation expense for the three and nine months ended September 30, 2023 includes the reversal of expense previously recognized of $0.4 million for unvested stock options that were forfeited during the period in connection with the Company’s restructuring, see Note 8. Stock Options Below is a table summarizing the options issued and outstanding as of and for the nine months ended September 30, 2023:
As of September 30, 2023, unrecognized compensation costs associated with the stock options of $0.6 million will be recognized over an estimated weighted average amortization period of 3.62 years. The intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $0.3 million and $0.3 million, respectively. The weighted average grant date fair value of options granted during the nine months ended September 30, 2023 and 2022 was $3.21 and $23.31, respectively. Key assumptions used to estimate the fair value of the stock options granted during the nine months ended September 30, 2023 and 2022 included:
Restricted Stock Units
Below is a table summarizing the restricted stock units granted and outstanding as of and for the nine months ended September 30, 2023:
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