Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Text Block [Abstract]

Stock-Based Compensation

7.Stock-Based Compensation

The Company recognized stock-based compensation expense on all employee and non-employee awards as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	2	$	90	$	15	$	446
General and administrative		78		636		339		2,104
Stock-based compensation expense	$	80	$	726	$	354	$	2,550

The Company granted an aggregate of 3,000 stock options during the three months ended September 30, 2024, with a weighted-average grant date fair value of $2.06 per share, and granted an aggregate of 66 stock options during the three months ended September 30, 2023, with a weighted-average grant date fair value of $58.5 per share. The Company granted an aggregate of 13,289 stock options during the nine months ended September 30, 2024, with a weighted-average grant date fair value of $10.84 per share, and granted an aggregate of 24,634 stock options during the nine months ended September 30, 2023, with a weighted-average grant date fair value of $58.5 per share.

For the three and nine months ended September 30, 2024 and 2023, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Risk-free interest rate	3.70%	4.01	3.70 – 4.09%	3.51 – 4.01%
Expected life in years	6.06	6.25	5.04-6.06	5.06 – 6.25
Expected volatility	112.17%	90.65	112.17 -170.50%	89.69 – 95.63%
Expected dividend yield	—%	—%	—%	—%

2.

Stock option activity under the Company’s stock option plans for the nine months ended September 30, 2024 was as follows:

(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2023		46,589		$	268.50	7.64		$	—
Granted		13,289			10.84
Exercised		-			-
Cancelled		(26,641	)		283.08
Outstanding, September 30, 2024		33,237		$	153.79		7.45	$	—
Options exercisable, September 30, 2024		20,729		$	250.45		6.35	$	—
Options available for future grant, September 30, 2024		142,745

At September 30, 2024, total unrecognized compensation costs related to unvested stock options outstanding amounted to $0.4 million. The cost is expected to be recognized over a weighted-average period of 1.34 years.