Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
The Company grants equity-based compensation under its 2020 Long-Term Incentive Plan (the “2020 Plan”) and its 2016 Equity Incentive Plan (the “2016 Plan”). The 2020 Plan and 2016 Plan allows the Company to grant incentive and nonqualified stock options, and shares of restricted stock to its employees, directors and consultants. On June 14, 2019, the Board of Directors of the Company approved increasing the number of shares allocated to the Company’s 2016 Equity Incentive Plan from 91,667 to 122,222.
On December 16, 2020, the Company adopted its 2020 Plan. Under the 2020 Plan, there are 88,889 shares of the Company’s common stock available for issuance and the 2020 Plan has a term of 10 years.
Under the 2016 Plan and the 2020 Plan, upon the exercise of stock options and issuance of fully vested restricted common stock, shares of common stock may be withheld to satisfy tax withholdings. The Company intends to net settle certain employee options to ensure adequate authorized shares under the Incentive Plan.
On December 22, 2022, the Company adopted its 2022 Long-Term Incentive Plan (the “2022 Plan”). Under the 2022 Plan, there are 70,000 shares of the Company’s common stock available for issuance and the 2022 Plan has a termination date of October 31, 2032.
A summary of activity under the Plans for the three months ended March 31, 2024 is as follows:
Shares
Underlying
Options 		Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Term
(Years)		 Aggregate
Intrinsic
Value
Outstanding at December 31, 2023 382,779 $ 65.04  8.1 $ — 
Granted 250,000 $ 0.09  9.9
Forfeited 0 $ —  0 - 
Outstanding at March 31, 2024 632,779 $ 39.38  8.7 $ - 
Exercisable at March 31, 2024 176,728 $ 138.32  5.8 $ - 
During the three months ended March 31, 2024, the Company recognized stock-based compensation of approximately $38,000 related to stock options. The unrecognized compensation cost totaled approximately $0.1 million which is expected to be recognized over a weighted-average period of 1.1 years.
During the three months ended March 31, 2024, the Company issued 250,000 stock options, which were valued using the Black-Scholes option pricing model.

The following table presents the inputs used for the valuation of options granted, as per the Black-Scholes fair value model:
Three months ended March 31,
2024 2023
Dividend yield —  % — 
Expected price volatility 95.7  % — 
Risk free interest rate 4.9  % — 
Expected term (years) 0.8 — 
Stock-Based Compensation
The total stock-based compensation expense recognized was as follows (in thousands):
Three months ended
March 31,
2024 2023
Research and development expenses $ 30  $ 59 
Selling, general and administrative expenses 244  122 
Total stock-based compensation $ 274  $ 181 
As of March 31, 2024, the total unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $0.1 million, which the Company expects to recognize over an estimated weighted-average period of 1.1 years.
Restricted Stock Units
A summary of the Company’s restricted stock activity and related information is as follows:
Number of
Shares 		Weighted
Average
Grant-Date
Fair Value
Unvested at December 31, 2023 1,696,904 $ 0.38 
Granted 750,000 $ 0.09 
Vested (1,322,374) $ 0.27 
Unvested at March 31, 2024 1,124,530 $ 0.32 
During the three months ended March 31, 2024, the Company granted 750,000 restricted stock units and recognized stock-based compensation of approximately $0.2 million related to restricted stock units. The unrecognized compensation cost totaled approximately $0.1 million which is expected to be recognized over a weighted-average period of 0.6 years.