Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION AWARDS (Tables)

v3.24.3
STOCK-BASED COMPENSATION AWARDS (Tables)
9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

305

 

 

$

96

 

 

$

709

 

 

$

286

 

General and administrative expenses

 

 

1,938

 

 

 

725

 

 

 

3,804

 

 

 

2,385

 

Total stock-based compensation

 

$

2,243

 

 

$

821

 

 

$

4,513

 

 

$

2,671

 

 

 

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

1,509

 

 

$

815

 

 

$

3,231

 

 

$

2,658

 

Restricted stock units

 

 

734

 

 

 

6

 

 

 

1,282

 

 

 

13

 

Total stock-based compensation

 

$

2,243

 

 

$

821

 

 

$

4,513

 

 

$

2,671

 

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:

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.23

%

 

 

3.82

%

Expected dividend yield

 

 

0

%

 

0%

 

Expected term in years (employee options)

 

 

6.17

 

 

6.25

 

Expected volatility

 

 

124.46

%

 

 

101.41

%

 

SUMMARY OF OPTION ACTIVITY

A summary of stock option activity for the nine months ended September 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

 

 

245,791

 

 

 

28.19

 

 

 

 

 

 

 

Exercised

 

 

(136,664

)

 

 

14.63

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(54,879

)

 

 

9.29

 

 

 

 

 

 

 

Expired

 

 

(18,678

)

 

 

70.73

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

744,332

 

 

$

65.07

 

 

 

6.93

 

 

$

2,600

 

Exercisable at September 30, 2024

 

 

389,369

 

 

$

103.21

 

 

 

5.09

 

 

$

1,200

 

SUMMARY OF RSU ACTIVITY

A summary of RSU activity for the nine months ended September 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

 

 

245,795

 

 

$

27.84

 

Forfeited

 

 

(2,193

)

 

$

17.15

 

Vested

 

 

(7,275

)

 

$

19.04

 

Unvested at September 30, 2024

 

 

254,238

 

 

$

26.59