Stock Option and Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2022

A summary of stock option activity for the nine months ended September 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		1,834,000			3.06
Exercised		—			—
Expired		(49,335	)		11.86
Forfeited		(168,937	)		4.13

Options outstanding at September 30, 2022		4,515,422			6.82		8.24	$	—

Vested and exercisable at September 30, 2022		2,245,477			9.78		6.93	$	—

The following assumptions were used to compute the fair value of stock options granted during the period:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Risk free interest rate		3.00	%		0.81	%		2.23	%		0.83	%
Expected dividend yield		—			—			—			—
Expected term (in years)		5.44			6.12			5.91			5.99
Expected volatility		99.5	%		95.1	%		91.9	%		94.5	%