Quarterly report pursuant to Section 13 or 15(d)

Stock Option and Incentive Plans (Tables)

v3.22.2.2
Stock Option and Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity A summary of stock option activity for the six months ended June 30, 2022, is summarized as follows:
 
    
Number of

Options
    
Weighted

Average

Exercise

Price
    
Weighted

Average

Remaining

Contractual

Life

(in years)
    
Aggregate

Intrinsic

Value
 
Options outstanding at December 31, 2021
     2,899,694      $ 9.12                    
Granted
     1,674,000        3.33                    
Exercised
     —          —                      
Expired
     (36,788      12.10                    
Forfeited
     (87,937      4.54                    
    
 
 
                            
Options outstanding at June 30, 2022
     4,448,969        7.01        8.46      $ —    
    
 
 
                      
 
 
 
Vested and exercisable at June 30, 2022
     1,972,774        10.54        6.97      $ —    
    
 
 
                      
 
 
 
Assumptions to Compute Fair Value of Stock Option Grants
The following assumptions were used to compute the fair value of stock options granted during the period:
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
    
2022
   
2021
   
2022
   
2021
 
Risk free interest rate
     2.94     0.85     2.15     0.84
Expected dividend yield
     —         —         —         —    
Expected term (in years)
     5.52       5.97       5.95       5.98  
Expected volatility
     91.0     94.3     91.2     94.5