STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

STOCK-BASED COMPENSATION

17. STOCK-BASED COMPENSATION

The Company provides stock-based compensation to directors, employees and consultants under the (i) 2021 Stock Incentive Plan, which was approved by stockholders on August 13, 2021 at the 2021 Annual Meeting of Stockholders and which reserved 1,000 shares of common stock for grant of awards under the plan and (ii) 2022 Stock Incentive Plan, which was approved by stockholders on November 23, 2022 at the 2022 Annual Meeting of Stockholders and which reserved 10,000 shares of common stock for grant of awards under the plan.

Options granted under the plans have an exercise price equal to or greater than the fair value of the underlying common stock at the date of grant and become exercisable based on a vesting schedule determined at the date of grant. Typically, options granted generally become fully vested after four years. Any options that are forfeited or cancelled before expiration become available for future grants. The options expire between 5 and 10 years from the date of grant. Restricted stock awards granted under the plan are subject to a vesting period determined at the date of grant. As of December 31, 2023, an aggregate of 10,441 shares of the Company’s common stock were available for future grant.

The options outstanding as of December 31, 2023, have been classified by exercise price, as follows:

Outstanding								Exercisable
				Weighted
				Average		Weighted				Weighted
				Remaining		Average				Average
Exercise		Number		Contractual		Exercise		Number		Exercise
Price		Outstanding		Life (Years)		Price		Exercisable		Price
$	16,091 - $19,628		421		7.8	$	17,546		287	$	17,577

Issuances outside of the Plan
$	13,425	116	6.7	$	13,425	116	$	13,425
$	19,125	242	7.3	$	19,125	242	$	2,284
$	13,425 - $19,125	358	7.1	$	17,278	358	$	17,278

Total Options
$	13,425 - $19,628	779	7.5	$	17,423	645	$	17,411

The total stock-based compensation expense related to stock options and stock awards issued to the Company’s employees, consultants and directors, included in reported net loss for the year ended December 31, 2023 and 2022, was comprised as follows:

	Year Ended December 31,
	2023		2022
General and administrative	$	10,868,000	$	7,202,000
Total stock-based compensation	$	10,868,000	$	7,202,000

A summary of option activity under the Company’s stock option plans as of December 31, 2023 and 2022, and changes during the years ended is as follows:

			Outstanding Options
								Weighted
						Weighted		Average
	Shares					Average		Remaining		Aggregate
	Available		Number			Exercise		Contractual		Intrinsic
	for Grant		of Options			Price		Life (years)		Value
January 1, 2022		379		453		$	18,900		9.8	$	0
Authorized		10,000		-
Forfeited		31		(31	)	$	19,950
December 31, 2022		10,410		422		$	18,675		8.7	$	0
Forfeited		1		(1	)	$	39,157
December 31, 2023		10,411		421		$	17,546		7.8	$	0

As of December 31, 2023, there was $2.1 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted average period of 1.5 years.