STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

In 2018, our stockholders approved the adoption of the SenesTech, Inc. 2018 Equity Incentive Plan (the “2018 Plan”) which provides for the issuance of stock-based instruments, such as stock options or restricted stock units, to employees or consultants as deemed appropriate. The 2018 Plan has since been amended and restated on certain occasions, most recently on June 26, 2023, when our stockholders approved an increase to the total number of authorized shares to 70,717 shares.

Currently, we only have stock options outstanding under the 2018 Plan, which are generally issued with a per share exercise price equal to the fair market value of our common stock at the date of grant. Options granted generally vest immediately, or ratably over a 12- to 36-month period coinciding with their respective service periods, with terms generally of five years. Certain stock option awards provide for accelerated vesting upon a change in control.

As of March 31, 2024, we had 42,049 shares of common stock available for issuance under the 2018 Plan.

The following table presents the outstanding stock option activity:


	Number of Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)
Three months ended March 31, 2024:
Outstanding as of December 31, 2023	36,708		$	119.70	4.0


Forfeited	(41)		300.62		3.0

Outstanding as of March 31, 2024	36,667	(1)	119.49		3.8

(1) Includes options related to 8,249 shares that are inducement awards and not granted under the 2018 Plan.

The stock-based compensation expense was recorded as follows (in thousands):


	Three Months Ended March 31,
	2024		2023

Research and development	$	4	$	4
Selling, general and administrative (1)	81		162
Total stock-based compensation expense	$	85	$	166

(1) Includes $2,000 related to stock issued in exchange for marketing services for the three months ended March 31, 2023.

The allocation between research and development and selling, general and administrative expense was based on the department and services performed by the employee or non-employee.

At March 31, 2024, the total compensation cost related to unvested options not yet recognized was $207,000, which will be recognized over a weighted average period of 1.1 years, assuming the employees and non-employees complete their service period required for vesting.