Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.2.2
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK BASED COMPENSATION

The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 (in thousands):

 

   

For the three months ended

September 30,

    

For the nine months ended

September 30

  
    2022     2021     2022     2021  
                         
Research and development   $ 173     $ 688     $ 729     $ 2,935  
General and administrative     459       1,849       1,489       3,980  
Total stock-based compensation expense   $ 632     $ 2,537     $ 2,218     $ 6,915  
SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED

The Company estimated the fair value of stock options granted in the periods presented utilizing a Black-Scholes option-valuation model utilizing the following assumptions:

 

      For the nine months ended September 30,  
      2022       2021  
                 
Expected volatility     95.1% - 96.0%       91.8% - 99.8%  
Expected term     6.07 - 6.08 years       5.25 - 6.08 years  
Risk-free interest rate     1.7% - 3.3%       0.8% - 1.2%  
Expected dividend yield     —       —  
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY

The following table summarizes restricted stock award activity during the nine months ended September 30, 2022:

 

   

Number of

Awards

     Weighted Average Grant Date Fair Value  
             
Outstanding at December 31, 2021     97,260     $ 46.59  
Granted     779,722     $ 3.12  
Cancelled/forfeited     (30,742 )   $ 40.65  
Vested     (24,971 )   $ 50.66  
Outstanding at September 30, 2022     821,269     $ 5.42  
2015 Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTIONS ACTIVITY

The following table summarizes stock option activity for the 2015 Incentive Plan during the nine months ended September 30, 2022: 

    Number of Options     Weighted Average Exercise Price    

Weighted Average Remaining

Contractual

Term (years)

     Aggregate Intrinsic Value (in thousands)  
                         
Outstanding at December 31, 2021     314,194     $ 38.48       7.63     $ —  
Granted     7,760     $ 5.30       —     $ —  
Cancelled/forfeited     (82,510 )   $ 39.31       —     $ —  
Exercised     —     $ —       —     $ —  
Outstanding at September 30, 2022     239,444     $ 37.10       6.71     $ —  
Exercisable     140,414     $ 36.67       5.39     $ —  
Unvested     99,030     $ 37.72       8.58     $ —  
2005 Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTIONS ACTIVITY

The following table summarizes stock option activity for the 2005 Incentive Plan during the nine months ended September 30, 2022:

 

    Number of Options     Weighted Average Exercise Price    

Weighted Average Remaining

Contractual Term (years)

     Aggregate Intrinsic Value (in thousands)  
                         
Outstanding at December 31, 2021     3,200     $ 32.00       1.80     $ —  
Cancelled/forfeited     —     $ —       —     $ —  
Exercised     —     $ —       —     $ —  
Outstanding at September 30, 2022     3,200     $ 32.00       1.04     $ —  
Exercisable     3,200     $ 32.00       1.04     $ —  
Unvested     —     $ —       —     $ —