Note 15 - Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 15: STOCK-BASED COMPENSATION

On March 24, 2020, the Board of Directors approved the adoption of the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grant 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 the date that is 10 years from the date of stockholder approval. An aggregate of 3,000 shares of common stock were initially reserved for issuance in connection with awards granted under the 2020 Plan. On  May 14, 2021, the stockholders approved an additional 15,000 shares available for issuance under the 2020 Plan. There were 5,790 shares available for future grants under the 2020 Plan as of March 31, 2023.

On September 28, 2010, the Board of Directors approved the adoption of the 2010 Stock Option and Incentive Plan (the 2010 Plan) to provide for the grant of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. Awards of incentive stock options could be granted under the 2010 Plan until September 2020. Shares may no longer be granted under this plan.

The Company granted 2,461 and 2,722 options to purchase shares of common stock under the 2020 Plan to employees and directors during the three months ended March 31, 2023 and 2022, respectively. The weighted average grant date fair value of options granted during the three months ended March 31, 2023 and 2022 was $.061 and $1.07, respectively. There were no stock options exercised during the three months ended March 31, 2023 and 2022.

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

	Three Months Ended March 31,
	2023		2022
Risk-free interest rate		3.87% - 4.25%		1.86% - 2.53%
Expected term (in years)		5.50 - 6.11		5.51 - 6.11
Dividend yield		-		-
Expected volatility		103% - 118%		117% - 128%

                     The Company recognized stock-based compensation expense, which was included under the following captions in the Condensed Consolidated Statements of Operations:

	Three Months Ended March 31,
	2023		2022
General and administrative	$	1,054	$	1,184
Research and development		519		622
Total stock-based compensation expense	$	1,573	$	1,806

Options issued and outstanding as of  March 31, 2023 and related activities during the three months ended March 31,2023 were as follows:

	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		$	2.35				-
Granted		2,461		$	0.72
Exercised		-			-
Forfeited		-			-
Expired		(3	)	$	793.83
Outstanding as of March 31, 2023		16,364		$	1.95		7.93	$	44
Exercisable as of March 31, 2023		11,227		$	2.32		7.28
Vested and expected to vest		11,227		$	1.95		7.93	$	44

On March 31, 2023, there were 5,137 unvested options outstanding, and the related unrecognized total compensation cost associated with these options was $4,085. This expense is expected to be recognized over a weighted-average period of 1.31 years from March 31, 2023.

Defined Contribution Plan

The Company has a defined contribution plan to which employees of the Company may defer contributions for income tax purposes. Participants are eligible to receive employer matching contributions up to 6% of deferrals. Employees may also be eligible for a discretionary match over 6%. Defined contribution plan employer matching contributions for the three months ended March 31, 2023 and 2022, were $56 and $34, respectively.