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Stock-Based Compensation and Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2024
Stock-Based Compensation and Employee Benefit Plans [Abstract] |
Stock-Based Compensation and Employee Benefit Plans | Note 10 — Stock-Based Compensation and Employee Benefit Plans 2022 Omnibus Equity Incentive Plan On April 29, 2022, the Company’s Board of Directors, and on June 8, 2022, the Company’s stockholders, adopted and approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”), which replaced the 2020 Stock Option Plan (the “2020 Plan”). The 2022 Plan provides for the grant of stock options, stock appreciation right awards, performance share awards, restricted stock awards, restricted stock unit awards, other stock-based awards and cash-based awards. The aggregate number of shares of Common Stock that may be reserved and available for grant and issuance under the 2022 Plan is 26,483 shares, which includes the 10,000 shares authorized under the 2022 Plan, plus the rollover of 16,483 issued and outstanding awards under the 2020 Plan and 250,000 additional shares issued upon approval by the Board of Directors on January 8, 2024. Shares will be deemed to have been issued under the 2022 Plan solely to the extent actually issued and delivered pursuant to an award. If any award granted under the 2020 Plan or the 2022 Plan expires, is canceled, terminates unexercised or is forfeited, the number of shares subject thereto is again available for grant under the 2022 Plan. The 2022 Plan shall continue in effect, unless sooner terminated, until the tenth anniversary of the date on which it is adopted by the Board of Directors. As of March 31, 2024, there were 57,719 shares of Common Stock available to be granted under the Company’s 2022 Plan. The Company’s stock compensation expense was $0.5 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Stock Options For the three months ended March 31, 2024, there were no options granted, exercised, forfeited or expired under the Company’s stock option plans. There were 10,310 options outstanding with a weighted average exercise price of $1,595.92 as of March 31, 2024 and December 31, 2023. There were 10,206 options vested and exercisable with a weighted average exercise price of $1,594.66 as of March 31, 2024. There were 10,310 options vested and expected to vest with a weighted average exercise price of $1,595.92 as of March 31, 2024 As of March 31, 2024, total unrecognized compensation expense related to unvested options under the Company’s 2022 Plan was $1.5 thousand, which is expected to be recognized over a weighted average period of 0.06 years. The following table summarizes information about options vested and exercisable at March 31, 2024:
|  |  | Options Vested and Exercisable |
Price ($) |  |  | Number of Options |  |  | Weighted-Average Remaining Contractual Life (Years) |  |  | Weighted-Average Exercise Price |
$ | 456.00 |  |  |  | 2,884 |  |  |  | 6.12 |  |  | $ | 456.00 |
$ | 972.00 |  |  |  | 2,842 |  |  |  | 6.57 |  |  | $ | 972.00 |
$ | 1,536.00 |  |  |  | 50 |  |  |  | 7.00 |  |  | $ | 1,536.00 |
$ | 1,840.00 |  |  |  | 160 |  |  |  | 7.75 |  |  | $ | 1,840.00 |
$ | 2,768.00 |  |  |  | 4,270 |  |  |  | 6.89 |  |  | $ | 2,768.00 |
The following table summarizes information about options vested and expected to vest after March 31, 2024:
|  |  | Options Vested and Expected to Vest |
Price ($) |  |  | Number of Options |  |  | Weighted-Average Remaining Contractual Life (Years) |  |  | Weighted-Average Exercise Price |
$ | 456.00 |  |  |  | 2,884 |  |  |  | 6.12 |  |  | $ | 456.00 |
$ | 972.00 |  |  |  | 2,856 |  |  |  | 6.57 |  |  | $ | 972.00 |
$ | 1,536.00 |  |  |  | 50 |  |  |  | 7.00 |  |  | $ | 1,536.00 |
$ | 1,840.00 |  |  |  | 250 |  |  |  | 7.75 |  |  | $ | 1,840.00 |
$ | 2,768.00 |  |  |  | 4,270 |  |  |  | 6.89 |  |  | $ | 2,768.00 |
Restricted Stock Units The following table presents restricted stock unit activity under the 2022 Plan for the three months ended March 31, 2024:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 2,136 |  |  |  | 230.80 |
Granted |  |  | 201,938 |  |  |  | 0.76 |
Vested |  |  | (201,955 | ) |  |  | 0.79 |
Forfeited |  |  | (284 | ) |  |  | 82.20 |
Unvested at March 31, 2024 |  |  | 1,835 |  |  | $ | 251.22 |
As of March 31, 2024, total unrecognized compensation expense related to unvested restricted stock units was $139 thousand, which is expected to be recognized over a weighted average period of 1.12 years.

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