Stock-Based Compensation | 10. Stock-Based Compensation 2021 Stock Option and Grant Plan On April 30, 2021, Legacy Comera established the 2021 Stock Option and Grant Plan (the “2021 Plan”), which provided for the grant of incentive stock options, non-statutory stock options, restricted stock awards, unrestricted stock awards and restricted stock units. In connection with the closing of the Transaction, option awards outstanding under the 2021 Plan were exchanged for options to purchase shares of the Company's common stock (the “Exchanged Options”), with proportional adjustments to the number of shares underlying the options and the exercise price of the options approved by the compensation committee and board of directors of Legacy Comera. Other than with respect to the exercise price and the underlying number of shares of the Company's common stock, the Exchanged Options remain subject to the terms and conditions of the Legacy Comera option awards issued pursuant to the 2021 Plan. The Exchanged Options are outstanding under and count against the number of shares reserved for issuance pursuant to the 2022 Equity and Incentive Plan (the “2022 Plan”). Following the closing of the Transaction, no additional awards may be granted under the 2021 Plan. As of March 31, 2023 , there were 2,516,734 options outstanding, inclusive of 1,159,934 Exchanged Options, exercisable for 1,159,934 shares of common stock at a weighted-average exercise price of $ 0.59 per share. 2022 Equity and Incentive Plan On May 10, 2022, the Company established the 2022 Plan, which provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, unrestricted stock awards, restricted stock units, stock appreciation rights, cash awards and dividend equivalent rights. Incentive stock options may be granted only to the Company’s employees, including officers. Non-statutory options, restricted stock awards, unrestricted stock awards, restricted stock units, stock appreciation rights, cash awards and dividend equivalent rights may be granted to employees, directors, consultants and key persons of the Company. The total number of common shares authorized to be issued under the 2022 Plan was 2,059,838 . The share pool will automatically increase on January 1 of each year by four percent of the number of shares of Stock outstanding on the immediately preceding December 31, or such lesser number of shares as approved by the board of directors. The pool increased by 794,368 shares on January 1, 2023. As of March 31, 2023 , there were 2,516,734 options outstanding, including 150,000 options related to an employee inducement grant in November 2022 as well as the Exchanged Options, with a weighted-average exercise price of $ 1.62 and 487,473 shares available for future grants under the 2022 Plan. Shares underlying awards that are forfeited, cancelled, reacquired by the Company prior to vesting, satisfied without the issuance of common stock, or are otherwise terminated under the 2022 Plan without having been fully exercised (including the Exchanged Options) will be available for future awards. Stock Option Activity The following table summarizes the Company’s stock option activity for the three months ended March 31, 2023: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 2,152,641 $ 1.67 9.1 $ 748 Granted 372,600 1.30 Cancelled or forfeited ( 8,507 ) 0.59 Outstanding as of March 31, 2023 2,516,734 $ 1.62 9.0 $ 358 Exercisable as of March 31, 2023 557,606 $ 0.59 8.3 $ 171 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The weighted-average grant date fair value of options granted during the three months ended March 31, 2023 was $ 0.84 . As of March 31, 2023 , total unrecognized compensation cost related to the unvested stock options was $ 2.1 million, which is expected to be recognized over a weighted-average period of 3.2 years. Stock-Based Compensation Stock-based compensation expense was allocated as follows: Three Months Ended March 31, 2023 2022 Cost of revenue $ 1,883 $ 414 Research and development 4,941 3,798 General and administrative 293,941 38,344 Total stock-based compensation $ 300,765 $ 42,556 |