Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK BASED COMPENSATION

The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands):

 

    2023     2022     2023     2022  
   

For the three months ended June 30,

    

For the six months ended June 30,

  
    2023     2022     2023     2022  
                                 
Research and development   $ 218     $ 184     $ 404     $ 556  
General and administrative     709       540       1,293       1,030  
Total stock-based compensation expense   $ 927     $ 724     $ 1,697     $ 1,586  
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 six months ended June 30,  
    2023*     2022  
             
Expected volatility     n/a       95.1% - 96.0%  
Expected term     n/a       6.07 - 6.08 years  
Risk-free interest rate     n/a       1.7% - 3.3%  
Expected dividend yield     n/a       0%

 
SCHEDULE OF STOCK OPTIONS ACTIVITY

The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during the six months ended June 30, 2023 (there were no stock options granted under the 2023 Incentive Plan during the six months ended June 30, 2023):

 

                Weighted Average        
          Weighted     Remaining     Aggregate  
    Number of     Average     Contractual Term     Intrinsic Value  
    Options     Exercise Price     (years)     (in thousands)  
                         
Outstanding at December 31, 2022     240,770     $ 37.04       6.42     $ —  
Granted     —     $ —       —     $ —  
Cancelled/forfeited     (10,047 )   $ 36.19       —     $ —  
Exercised     —     $ —       —     $ —  
Outstanding at June 30, 2023     230,723     $ 37.08       5.82     $ —  
Exercisable     169,637     $ 36.33       5.09     $ —  
Unvested     61,086     $ 39.17       7.87     $ —  
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY

The following table summarizes restricted stock award activity for the 2023 Incentive Plan, 2015 Incentive Plan and Inducement Grants during the six months ended June 30, 2023:

 

          Weighted Average  
          Grant Date Fair  
    Number of Awards     Value Per Unit  
             
Outstanding at December 31, 2022     816,958     $ 5.35  
Granted     1,817,559     $ 3.96  
Cancelled/forfeited     (46,394 )   $ 4.40  
Vested     (21,820 )   $ 28.34  
Outstanding at June 30, 2023     2,566,303     $ 4.18