Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION AWARDS (Tables)

v3.24.2.u1
STOCK-BASED COMPENSATION AWARDS (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

In connection with all stock-based compensation awards, total non-cash, stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

268

 

 

$

96

 

 

$

404

 

 

$

190

 

General and administrative expenses

 

 

1,020

 

 

 

727

 

 

 

1,866

 

 

 

1,660

 

Total stock-based compensation

 

$

1,288

 

 

$

823

 

 

$

2,270

 

 

$

1,850

 

 

The total stock-based compensation expense recognized by award type was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

892

 

 

$

819

 

 

$

1,722

 

 

$

1,843

 

Restricted stock units

 

 

396

 

 

 

4

 

 

 

548

 

 

 

7

 

Total stock-based compensation

 

$

1,288

 

 

$

823

 

 

$

2,270

 

 

$

1,850

 

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of stock options granted to employees and non-employee directors were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.25

%

 

 

3.81

%

Expected dividend yield

 

 

0

%

 

0%

 

Expected term in years (employee options)

 

 

6.19

 

 

6.25

 

Expected volatility

 

 

124.31

%

 

 

101.33

%

 

SUMMARY OF OPTION ACTIVITY

A summary of stock option activity for the six months ended June 30, 2024 is presented below:

 

Stock Options

 

Shares

 

 

Weighted
 Average
Exercise
 Price

 

 

Weighted Average
 Remaining Contractual Term in Years

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Outstanding at December 31, 2023

 

 

708,762

 

 

$

63.96

 

 

 

 

 

 

 

Granted

 

 

236,850

 

 

 

27.22

 

 

 

 

 

 

 

Exercised

 

 

(134,076

)

 

 

14.48

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(54,879

)

 

 

9.29

 

 

 

 

 

 

 

Expired

 

 

(18,678

)

 

 

70.73

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

737,979

 

 

$

65.05

 

 

 

7.27

 

 

$

12,172

 

Exercisable at June 30, 2024

 

 

370,025

 

 

$

106.89

 

 

 

5.43

 

 

$

3,458

 

 

SUMMARY OF RSU ACTIVITY

A summary of RSU activity for the six months ended June 30, 2024 is presented below:

 

RSU's

 

Number of Shares Underlying RSUs

 

 

Weighted
 Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

17,911

 

 

$

5.14

 

Granted

 

 

236,854

 

 

$

26.85

 

Forfeited

 

 

(2,193

)

 

$

17.15

 

Vested

 

 

(3,764

)

 

$

4.89

 

Unvested at June 30, 2024

 

 

248,808

 

 

$

25.71