Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK BASED COMPENSATION

The following table summarizes stock-based compensation expense for the three months ended March 31, 2023 and 2022 (in thousands):

 

    2023     2022  
    For the three months ended March 31,  
    2023     2022  
             
Research and development   $ 584     $ 372  
General and administrative     186       490  
Total stock-based compensation expense   $ 770     $ 862  
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 three months ended March 31,  
    2023*     2022  
             
Expected volatility     n/a       95.13% - 95.26%
Expected term     n/a       6.07 – 6.08 years  
Risk-free interest rate     n/a       1.69% - 1.76%
Expected dividend yield     n/a       0%

 

* the Company did not grant any stock options in the three months ended March 31, 2023.

SCHEDULE OF STOCK OPTIONS ACTIVITY

The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during the three months ended March 31, 2023:

    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term (years)     Aggregate Intrinsic Value
(in thousands)		  
                         
Outstanding at December 31, 2022     240,770     $ 37.04       6.42     $ —  
Granted     —     $ —       —     $ —  
Cancelled/forfeited     (6,073 )   $ 38.65       —     $ —  
Exercised     —     $ —       —     $ —  
Outstanding at March 31, 2023     234,697     $ 37.00       6.21     $ —  
Exercisable     162,633     $ 36.33       5.36     $ —  
Unvested     72,064     $ 38.52       8.12     $ —  
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY

The following table summarizes restricted stock award activity for the 2015 Incentive Plan and Inducement Grants during the three months ended March 31, 2023:

 

    Number of Awards     Weighted Average Grant Date Fair Value Per Unit  
             
Outstanding at December 31, 2022     816,958     $ 5.35  
Granted     136,850     $ 2.44  
Cancelled/forfeited     (23,862 )   $ 4.89  
Vested     (9,651 )   $ 47.36  
Outstanding at March 31, 2023     920,295     $ 4.49