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
Stock-Based Compensation (Tables) [Line Items]  
Schedule of Summarizes Activity for Stock Options Under All Plans The following table summarizes activity for stock options under all plans for the nine months ended September 30, 2023:
                Weighted-        
    Number of           Average        
    Shares     Weighted-     Remaining     Aggregate  
    Underlying     Average     Contractual     Intrinsic  
    Outstanding     Exercise     Term     Value  
    Options     Price     (in Years)     (in thousands)  
Outstanding, December 31, 2022     1,342,670     $ 2.75       8.47     $ 52  
Options granted     8,989,487       0.75       9.86       4,758  
Options forfeited     (4,000 )     1.66       -      
-
  
Options exercised     (6,541 )     3.27       -      
-
  
Outstanding, September 30, 2023     10,321,616       1.01       9.59       5,054  
                                 
Options vested and exercisable as of September 30, 2023     826,152     $ 3.28       7.19     $ 129  
Schedule of Company has Recorded Stock-Based Compensation Expense The Company has recorded stock-based compensation expense, which includes expense related to restricted stock units, allocated by functional cost as follows for the three and nine months ended September 30, 2022, and 2023, (in thousands):
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2022     2023     2022     2023  
                         
Research and development   $ 103     $ 450     $ 303     $ 614  
General and administrative     163       479       547       603  
Total stock-based compensation   $ 266     $ 929     $ 850     $ 1,217  
Schedule of Fair Value of Awards Granted The tables below summarize the valuation inputs into the Black Scholes model for the derivative liability associated with the three tranches of Warrants at September 30, 2023.
Tranche A Warrant   At
September 30,
2023		  
Fair value of underlying stock   $ 0.86  
Exercise price   $ 0.54  
Volatility     113.5% – 149.2 %
Risk free rate     5.2% – 5.5 %
Dividend yield     0 %
Term (in years)     0.7 – 1.7  
Discount for lack of marketability     12.5 %
Probability for FDA approval     23.33 %
Tranche B Warrant   At
September 30,
2023		  
Fair value of underlying stock   $ 0.86  
Exercise price   $ 0.59  
Volatility     108.3% – 120.5 %
Risk free rate     5.0% – 5.4 %
Dividend yield     0 %
Term (in years)     1.3 – 2.3  
Discount for lack of marketability     12.5 %
Probability for TDAPA approval     0.01% – 12.0 %
Tranche C Warrant   At
September 30,
2023		  
Fair value of underlying stock   $ 0.86  
Exercise price   $ 0.74  
Volatility     104.6% – 105.4 %
Risk free rate     4.8% – 5.0 %
Dividend yield     0 %
Term (in years)     2.3 – 3.3  
Discount for lack of marketability     12.5 %
Probability for commercialization     0.1% – 12.5 %
Share-Based Payment Arrangement, Nonemployee [Member]  
Stock-Based Compensation (Tables) [Line Items]  
Schedule of Fair Value of Awards Granted The following averaged assumptions were used to calculate the fair value of awards granted to employees, directors and non-employees for the nine months ended September 30, 2022:
      Nine Months
Ended
September 30,
 2022		  
Expected volatility     101.00 – 105.00 %
Risk-free interest rate     2.90 - 2.92 %
Dividend yield    
-
 %
Expected term     6.25 years  
The following averaged assumptions were used to calculate the fair value of awards granted to employees, directors and non-employees for the nine months ended September 30, 2023:
      Nine Months
Ended
September 30,
 2023		  
Expected volatility     104.00 – 108.00 %
Risk-free interest rate     4.35 – 4.36 %
Dividend yield    
-
 %
Expected term     5.92 years