Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity Under the Plans
A summary of activity under the Plans and the 2022 Plan for the nine months ended September 30, 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 2,578 $ 9,867.85  8.1 $ — 
Granted 1,667 $ 13.50  9.9 $ — 
Forfeited (200) $ 28.50  9.2 $ — 
Outstanding at September 30, 2024 4,045 $ 6,293.23  8.1 $ — 
Exercisable at September 30, 2024 2,299 $ 10,995.62  7.2 $ — 
Schedule of Determining the Fair Value of Stock Options Granted
The following table presents the weighted-average inputs used for the valuation of options granted, as per the Black-Scholes fair value model for the three and nine months ended September 30, 2024 and 2023:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Dividend yield —  —  —  % — 
Expected price volatility —  —  95.7  % — 
Risk-free interest rate —  —  4.9  % — 
Expected term (years) —  —  0.8 — 
Schedule of Stock-Based Compensation Expense Recognized
The total stock-based compensation expense recognized was as follows (in thousands):
Three months ended
September 30,		 Nine months ended
September 30,
2024 2023 2024 2023
Research and development expenses $ 15  $ 46  $ 67  $ 150 
General and administrative expenses 2,138  87  4,510  296 
Total stock-based compensation $ 2,153  $ 133  $ 4,577  $ 446 
Schedule of Restricted Stock Activity
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 11,334 $ 37.74 
Granted (1)
857,478 $ 2.39 
Vested (1)
(642,047) $ 1.84 
Cancelled (151,345) $ 4.46 
Unvested at September 30, 2024 75,420 $ 17.13 
(1) Includes 500,000 RSUs granted and vested under the 2024 Inducement Awards with approximately $0.7 million of total recognized compensation cost for the three months ended September 30 ,2024.