Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.3
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK BASED COMPENSATION

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

  

    2023     2022     2023     2022  
    For the three months ended September 30,     For the nine months ended September 30,  
    2023     2022     2023     2022  
                         
Research and development   $ 339     $ 173     $ 743     $ 729  
General and administrative     1,218       459       2,511       1,489  
Total stock-based compensation expense   $ 1,557     $ 632     $ 3,254     $ 2,218  
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-pricing model utilizing the following assumptions:

  

    For the nine months ended September 30,  
      2023*     2022  
                 
Expected volatility (%)     n/a       95.1% - 96.0%  
Expected term (years)     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 OPTION ACTIVITY

The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during the nine months ended September 30, 2023 (there were no stock options granted under the 2023 Incentive Plan during the nine months ended September 30, 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       (17,447 )   $ 33.40           $  
Exercised           $           $  
Outstanding at September 30, 2023       223,323     $ 37.33       5.69     $  
Exercisable       170,958     $ 36.81       5.09     $  
Unvested       52,365     $ 39.03       7.65     $  

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 nine months ended September 30, 2023:

  

      Number of Awards     Weighted Average Grant Date Fair Value Per Unit  
               
Outstanding at December 31, 2022       816,958     $ 5.35  
Granted       1,817,559     $ 3.96  
Cancelled/forfeited       (56,398 )   $ 4.32  
Vested       (269,195 )   $ 5.44  
Outstanding at September 30, 2023       2,308,924     $ 4.27