STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| SCHEDULE OF STOCK BASED COMPENSATION |
The
following table summarizes stock-based compensation (in thousands):
SCHEDULE OF STOCK BASED COMPENSATION
| |
|
2022 |
|
|
2021 |
|
| |
|
For the year ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Research and development |
|
$ |
925 |
|
|
$ |
3,299 |
|
| General and administrative |
|
|
2,126 |
|
|
|
5,617 |
|
| Total stock-based compensation expense |
|
$ |
3,051 |
|
|
$ |
8,916 |
|
|
| 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:
SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED
| |
|
For the year ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Expected volatility |
|
|
95.1% - 96.0% |
|
|
|
91.6% - 99.8% |
|
| Expected term |
|
|
6.07 - 6.08 years |
|
|
|
5.25 - 6.08 years |
|
| Risk-free interest rate |
|
|
1.7% - 3.3% |
|
|
|
0.8% - 1.4% |
|
| Expected dividend yield |
|
|
0% |
|
|
|
0% |
|
|
| SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY |
The
following table summarizes restricted stock award activity:
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY
| |
|
Number of Awards |
|
|
Weighted Average Grant Date Fair Value Per Unit |
|
| |
|
|
|
|
|
|
| Outstanding at December 31, 2020 |
|
|
118,100 |
|
|
$ |
44.50 |
|
| Granted |
|
|
115,627 |
|
|
$ |
43.00 |
|
| Cancelled/forfeited |
|
|
(32,776 |
) |
|
$ |
50.50 |
|
| Vested |
|
|
(103,691 |
) |
|
$ |
38.75 |
|
| Outstanding at December 31, 2021 |
|
|
97,260 |
|
|
$ |
46.50 |
|
| Granted |
|
|
779,722 |
|
|
$ |
3.12 |
|
| Cancelled/forfeited |
|
|
(32,498 |
) |
|
$ |
38.80 |
|
| Vested |
|
|
(27,526 |
) |
|
$ |
48.63 |
|
| Outstanding at December 31, 2022 |
|
|
816,958 |
|
|
$ |
5.35 |
|
|
| 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 information for the 2015 Equity Incentive Plan:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
|
Number of Options |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term (years) |
|
|
Aggregate Intrinsic Value (in thousands)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2020 |
|
|
222,430 |
|
|
$ |
55.25 |
|
|
|
6.86 |
|
|
$ |
— |
|
| Granted |
|
|
195,092 |
|
|
$ |
43.75 |
|
|
|
— |
|
|
$ |
— |
|
| Cancelled/forfeited |
|
|
(78,101 |
) |
|
$ |
101.75 |
|
|
|
— |
|
|
$ |
— |
|
| Exercised |
|
|
(25,227 |
) |
|
$ |
33.00 |
|
|
|
— |
|
|
$ |
— |
|
| Outstanding at December 31, 2021 |
|
|
314,194 |
|
|
$ |
38.48 |
|
|
|
7.63 |
|
|
$ |
— |
|
| Granted |
|
|
7,760 |
|
|
$ |
5.30 |
|
|
|
— |
|
|
$ |
— |
|
| Cancelled/forfeited |
|
|
(84,384 |
) |
|
$ |
39.25 |
|
|
|
— |
|
|
$ |
— |
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
| Outstanding at December 31, 2022 |
|
|
237,570 |
|
|
$ |
37.11 |
|
|
|
6.50 |
|
|
$ |
— |
|
| Exercisable |
|
|
153,695 |
|
|
$ |
36.34 |
|
|
|
5.49 |
|
|
$ |
— |
|
| Unvested |
|
|
83,875 |
|
|
$ |
38.53 |
|
|
|
8.33 |
|
|
$ |
— |
|
|
| SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE |
Further
information regarding options outstanding under the 2015 Equity Incentive Plan as of December 31, 2022 is summarized below:
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE
| |
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
Weighted-Average |
|
| Range of Exercise Prices |
|
|
Number of Options Outstanding |
|
|
Remaining Life In Years |
|
|
Exercise Price |
|
|
Number of Options Exercisable |
|
|
Remaining Life in Years |
|
|
Exercise Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
4.00 |
|
|
$ |
22.75 |
|
|
|
25,040 |
|
|
|
8.9 |
|
|
$ |
17.25 |
|
|
|
6,794 |
|
|
|
8.8 |
|
|
$ |
21.25 |
|
| |
25.50 |
|
|
|
47.00 |
|
|
|
157,535 |
|
|
|
5.6 |
|
|
|
33.17 |
|
|
|
122,143 |
|
|
|
4.8 |
|
|
|
32.80 |
|
| |
54.50 |
|
|
|
58.50 |
|
|
|
54,795 |
|
|
|
8.0 |
|
|
|
57.04 |
|
|
|
24,558 |
|
|
|
7.8 |
|
|
|
57.07 |
|
| |
164.75 |
|
|
|
183.50 |
|
|
|
200 |
|
|
|
6.1 |
|
|
|
164.75 |
|
|
|
200 |
|
|
|
6.1 |
|
|
|
164.75 |
|
| |
|
|
|
|
|
|
|
|
237,570 |
|
|
|
|
|
|
|
|
|
|
|
153,695 |
|
|
|
|
|
|
|
|
|
|
| 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 information for the 2005 Incentive Plan:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
|
Number of Options |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term (years) |
|
|
Aggregate Intrinsic Value (in thousands)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2020 |
|
|
4,992 |
|
|
$ |
213.75 |
|
|
|
2.87 |
|
|
$ |
— |
|
| Cancelled/forfeited |
|
|
(1,792 |
) |
|
$ |
538.25 |
|
|
|
— |
|
|
$ |
— |
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
| Outstanding at December 31, 2021 |
|
|
3,200 |
|
|
$ |
32.00 |
|
|
|
1.80 |
|
|
$ |
— |
|
| Cancelled/forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
| Outstanding at December 31, 2022 |
|
|
3,200 |
|
|
$ |
32.00 |
|
|
|
0.79 |
|
|
$ |
— |
|
| Exercisable |
|
|
3,200 |
|
|
$ |
32.00 |
|
|
|
0.79 |
|
|
$ |
— |
|
| Unvested |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
| SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE |
Further
information regarding options outstanding under the 2005 Equity Incentive Plan as of December 31, 2022 is summarized below:
SCHEDULE
OF OPTIONS OUTSTANDING AND EXERCISABLE
| |
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
Weighted-Average |
|
| Range of Exercise Prices |
|
|
Number of Options Outstanding |
|
|
Remaining Life In Years |
|
|
Exercise Price |
|
|
Number of Options Exercisable |
|
|
Remaining Life in Years |
|
|
Exercise Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
32.00 |
|
|
$ |
32.00 |
|
|
|
3,200 |
|
|
|
0.8 |
|
|
$ |
32.00 |
|
|
|
3,200 |
|
|
|
0.8 |
|
|
$ |
32.00 |
|
| |
|
|
|
|
|
|
|
|
3,200 |
|
|
|
|
|
|
|
|
|
|
|
3,200 |
|
|
|
|
|
|
|
|
|
|