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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Values of Stock Options Granted Using Black-Scholes Option-Pricing Model

The fair values of stock options granted were calculated using the Black-Scholes option-pricing model applying the following assumptions:

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

Risk-free interest rate

 

3.27% - 4.48%

 

 

1.86% - 3.56%

 

Expected term (in years)

 

5.31 - 6.16

 

 

5.19 - 6.11

 

Dividend yield

 

 

 

 

 

 

Expected volatility

 

103% - 129%

 

 

103% - 128%

 

Schedule of Share-Based Compensation Expense

The Company recognized stock-based compensation expense in the Consolidated Statements of Operations as follows (in thousands):

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

General and administrative

 

$

3,038

 

 

$

4,395

 

Research and development

 

 

1,583

 

 

 

2,393

 

Total stock-based compensation expense

 

$

4,621

 

 

$

6,788

 

Schedule of Option Activity for Share-Based Payment Arrangement

The following table shows a summary of all stock option activity for the year ended December 31, 2023:

 

 

Number of
Underlying
Shares

 

 

Weighted-
Average
Exercise Price
Per Share

 

 

Weighted-
Average
Contractual
Life
Remaining
in Years

 

 

Aggregate
Intrinsic Value

 

Outstanding as of January 1, 2023

 

 

13,906,358

 

 

$

2.35

 

 

 

 

 

 

 

Granted

 

 

6,828,600

 

 

 

0.82

 

 

 

 

 

 

 

Forfeited

 

 

(3,223,874

)

 

 

0.92

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

(4,739

)

 

 

836.63

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

17,506,345

 

 

$

1.79

 

 

 

7.34

 

 

$

554,525

 

Exercisable as of December 31, 2023

 

 

14,568,342

 

 

$

1.97

 

 

 

6.99

 

 

$

233,076

 

Vested and expected to vest

 

 

17,506,345

 

 

$

1.79

 

 

 

7.34

 

 

$

554,525