Stock Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

NOTE 13: STOCK BASED COMPENSATION

On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. No awards may be granted under the 2020 Plan after June 27, 2034. An aggregate of 30,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of March 31, 2025, 12,973,325 shares were available for future grants under the 2020 Plan.

The Company granted 134,600 and 145,834 options to purchase shares of common stock to employees and directors during the three months ended March 31, 2025 and 2024, respectively. The weighted average grant date fair value of options granted during the three months ended March 31, 2025 and 2024 was $0.58 and $1.13, respectively. No stock options were exercised during the three months ended March 31, 2025 and 2024.

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


	Three Months Ended March 31,
	2025		2024
Research and development	$	131	$	116
General and administrative		432		301
Total stock-based compensation expense	$	563	$	417

The following table shows a summary of all stock option activity for the three months ended March 31, 2025:


	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, 2025		20,691,571		$	1.60
Granted		134,600			0.72
Forfeited		(116,000	)		1.02
Expired		(2,627	)		338.40
Outstanding as of March 31, 2025		20,707,544		$	1.56		6.61	$	9,482
Exercisable as of March 31, 2025		17,848,421		$	1.63		6.18	$	8,182
Vested and expected to vest		20,707,544		$	1.56		6.61	$	9,482

As of March 31, 2025, there were 2,859,123 unvested options outstanding, and the related unrecognized total compensation cost associated with these options was $2.4 million. This expense is expected to be recognized over a weighted-average period of 1.82 years.