Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 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 six months ended June 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    
-
      
-
      
-
      
-
  
Options forfeited     (4,000 )     1.66      
-
      
-
  
Options exercised     (4,361 )     3.27      
-
      
-
  
Outstanding, June 30, 2023     1,334,309       2.76       7.98       296  
                                 
Options vested and exercisable as of June 30, 2023     740,510     $ 3.15       7.39     $ 127  
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 six months ended June 30, 2022 and 2023, (in thousands):
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2022     2023     2022     2023  
                         
Research and development   $ 101     $ 82     $ 200     $ 164  
General and administrative     193       62       384       124  
Total stock-based compensation   $ 294     $ 144     $ 584     $ 288  
Schedule of Fair Value of Awards Granted

The Company uses a third-party valuation expert to assist in the determination of the fair value of the Warrants. The tables below summarize the valuation inputs into the Black Scholes model for the derivative liability associated with the three tranches of warrants at June 30, 2023.

Tranche A Warrant   At
June 30,
2023		  
Fair value of underlying stock   $ 1.28  
Exercise price   $ 0.54  
Volatility     105.7% – 122.3 %
Risk free rate     4.9% – 5.2 %
Dividend yield     0 %
Term (in years)     1.5 – 2.0  
Discount for lack of marketability     15 %
Probability for FDA approval     8.8% – 22.7 %

 

Tranche B Warrant   At
June 30,
2023		  
Fair value of underlying stock   $ 1.28  
Exercise price   $ 0.59  
Volatility     105.7% – 111.1 %
Risk free rate     4.7% – 5.2 %
Dividend yield     0 %
Term (in years)     1.5 – 2.5  
Discount for lack of marketability     15 %
Probability for TDAPA approval     0.0% – 10.0 %
Tranche C Warrant   At
June 30,
2023		  
Fair value of underlying stock   $ 1.28  
Exercise price   $ 0.74  
Volatility     100.8% – 106.9 %
Risk free rate     4.4% – 4.7 %
Dividend yield     0 %
Term (in years)     2.5 – 3.5  
Discount for lack of marketability     15 %
Probability for commercialization     0.0% – 9.1 %
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 six months ended June 30, 2022:
   

Six Months
Ended June 30,
 2022

  
Expected volatility     101.00 %
Risk-free interest rate     2.92 %
Dividend yield    
-
 %
Expected term      6.25 years