Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

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 June 30,					For the Six Months Ended June 30,
(in thousands)	2025			2024		2025		2024
Research and development	$	(1	)	$	2	$	1	$	13
General and administrative		185			99		251		260
Stock-based compensation expense	$	184		$	101	$	252	$	273

During the three and six months ended June 30, 2025, the Company granted an aggregate of 10,904 and 22,904 stock options, respectively, with a weighted-average grant date fair value ranging from $1.95 to $2.16 per share. During the three and six months ended June 30, 2024, the Company granted an aggregate of 6,288 and 10,289 stock options, respectively, with a weighted-average grant date fair value ranging from $9.72 to $11.76 per share

The grant date 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 June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
Risk-free interest rate	4.15%	4.09%	4.05-4.15%	4.09%
Expected life in years	5.04	5.04	5.04-6.06	5.04-5.27
Expected volatility	125.11%	170.50%	113.26-125.11%	114.65 -170.50%
Expected dividend yield	—%	—%	—%	—%

Stock option activity under the Company’s stock option plans for the six months ended June 30, 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		22,904			2.16
Exercised		-			-
Cancelled		(686	)		68.63
Outstanding, June 30, 2025		55,455		$	92.21		9.60	$	69,015
Options exercisable, June 30, 2025		41,921		$	115.36		6.63	$	31,670
Options available for future grant, June 30, 2025		1,120,526

At June 30, 2025, total unrecognized compensation costs related to unvested stock options outstanding amounted to $140 and is expected to be recognized over a weighted-average period of 1.67 years.