Weighted average remaining contractual life (in years)
Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2022
2,548,849
$ 3.32
8.4
$ 618
Outstanding as of March 31, 2023
2,548,849
$ 3.32
8.1
$ 124
Options vested and exercisable as of March 31, 2023
1,023,018
$ 4.87
6.5
$ 75
The weighted average grant date fair value per share for employee stock and non-employee option grants during the three months ended March 31, 2022 was $2.27. At March 31, 2023, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted, was $1.6 million, of which the Company expects to recognize over a weighted-average period of approximately 1.2 years.
The following table summarizes the Company’s recognition of stock-based compensation for the following periods (in thousands):
Three months ended March 31, | |||||
2023 |
| 2022 | |||
Stock-based compensation expense |
|
|
| ||
General and administrative | $ | 591 | $ | 1,116 | |
Research and development |
| 104 |
| 218 | |
Total stock-based compensation expense | $ | 695 | $ | 1,334 |
Restricted Stock Awards
The following table presents the Company’s Restricted Stock Activity:
Awards | Weighted Average Grant Date Fair Value | |||
Balance as of December 31, 2022 | 1,000,000 | $ 0.57 | ||
Unvested Balance as of March 31, 2023 | 1,000,000 | $ 0.57 |
As of March 31, 2023, total unrecognized compensation expense related to unvested RSAs granted was approximately $0.4 million, which is expected to be recognized over a weighted-average period of approximately 2.3 years.
Stock-based compensation expense related to RSAs was less than $0.1 million during the three months ended March 31, 2023.