Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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Share-Based Compensation Expense on All Employee and Non-Employee Awards

The following table presents share-based compensation expense on all employee and non-employee awards included in the accompanying condensed statements of operations as follows:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Research and development	$	2	$	11
General and administrative		66		161
Stock-based compensation expense	$	68	$	172

Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model

For the three months ended March 31, 2025 and 2024, 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 March 31,
	2025	2024
Risk-free interest rate	4.05%	4.09%
Expected life in years	6.06	5.27
Expected volatility	113.26%	114.65%
Expected dividend yield	—%	—%

Stock Option Activity under Stock Option Plan

Stock option activity under the Company’s stock option plans for the three months ended March 31, 2025 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, 2024		33,237	$	153.79		7.15	$	—
Granted		12,000		1.46
Exercised		-		-
Cancelled		-		-
Outstanding, March 31, 2025		45,237	$	113.39		7.81	$	—
Options exercisable, March 31, 2025		27,077	$	175.80		6.63	$	—
Options available for future grant, March 31, 2025		130,745