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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
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 July 11, 2024, when our stockholders approved an increase to the total number of authorized shares to 207,071 shares.
Currently, only stock options are 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 ratably over a 12- to 36-month period coinciding with their respective service periods, with terms generally of ten years. Certain stock option awards provide for accelerated vesting upon a change in control.
We have 60,008 shares of common stock available for issuance under the 2018 Plan, which reflects the increase to the total number of authorized shares of 200,000 shares approved by our stockholders on July 11, 2024.
The following table presents the outstanding stock option activity:
Number of OptionsWeighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term
(years)
Three months ended September 30, 2024:
Outstanding as of June 30, 20244,533 $899.48 3.8
Granted143,312 2.81 9.9
Expired(9)45,013.33 — 
Outstanding as of September 30, 2024147,836 
(1)
27.56 9.7
Nine months ended September 30, 2024:
Outstanding as of December 31, 20233,643 1,197.00 4.0
Granted144,204 2.83 9.9
Forfeited(2)1,965.36 3.0
Expired(9)45,013.33 — 
Outstanding as of September 30, 2024147,836 
(1)
27.56 9.7
Exercisable as of September 30, 20246,274 557.32 5.8
(1) Includes options related to 823 shares that are inducement awards and not granted under the 2018 Plan.
The weighted average grant date fair value of options granted during the nine months ended September 30, 2024 was $2.73 per share based on the following assumptions used in the Black-Scholes option pricing model:
Expected volatility128.0 %
Expected dividend yield—
Expected term (in years)10
Risk-free interest rate3.83 %
The expected volatility assumption is based on the calculated volatility of our common stock at the date of grant based on historical prices over the most recent period commensurate with the term of the award. The expected dividend yield assumption is based on our history and expected dividend payouts: we have not, and do not expect to, pay dividends. The expected term assumption is the contractual term of the options for non-employees. The risk-free interest rate assumption is determined using the U.S. treasury yields for bonds with a maturity commensurate with the term of the award.
The stock-based compensation expense was recorded as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Research and development$5 $3 $13 $12 
Selling, general and administrative (1)
68128233455
Total stock-based compensation expense$73 $131 $246 $467 
(1) Includes $44,000 and $100,000 related to stock issued in exchange for marketing services for the three and nine month periods ended September 30, 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 September 30, 2024, the total compensation cost related to unvested options not yet recognized was $439,000, which will be recognized over a weighted average period of 2.0 years, assuming the employees and non-employees complete their service period required for vesting.