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Note 12 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 12. Stock-Based Compensation 2015 Equity Plan The 2015 Equity Plan provides for increases to the number of shares reserved for issuance thereunder each January 1 equal to 4.0% of the total shares of the Company’s common stock outstanding as of the immediately preceding December 31, unless a lesser amount is stipulated by the Compensation Committee of the Company’s board of directors. As of September 30, 2023, there were 614 shares available for future issuance under the 2015 Equity Plan. 2018 Employee, Director and Consultant Equity Incentive Plan On March 28, 2018, EIP adopted the 2018 Plan, which was assumed by the Company pursuant to and in accordance with the terms of the Merger Agreement. Under the 2018 Plan, the Company may issue incentive stock options, non-qualified stock options, stock grants, and other stock-based awards to employees, directors, and consultants, as specified in the 2018 Plan and subject to applicable SEC and Nasdaq rules and regulations. The Board of Directors has the authority to determine to whom options or stock will be granted, the number of shares, the term, and the exercise price. Options granted under the 2018 Plan have a term of up to ten years and generally vest over a four-year period with 25% of the options vesting after one-year of service and the remainder vesting monthly thereafter. As of September 30, 2023, there were no shares available for issuance. The Company recorded stock-based compensation expense in the following expense categories of its unaudited interim condensed consolidated statements of operations for the periods indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 30,737 |  |  | $ | 41,546 |  |  | $ | 101,885 |  |  | $ | 134,559 |
General and administrative |  |  | 78,431 |  |  |  | 40,838 |  |  |  | 140,775 |  |  |  | 118,288 |
Total stock-based compensation expense |  | $ | 109,168 |  |  | $ | 82,384 |  |  | $ | 242,660 |  |  | $ | 252,847 |
The following table summarizes the activity related to all stock option grants for the nine months ended September 30, 2023:
|  | Number of Options |  |  | Weighted average exercise price per share |
Balance at January 1, 2023 |  |  | 114,516 |  |  | $ | 25.98 |
Options assumed in the Merger |  |  | 52,574 |  |  | $ | 313.67 |
Granted |  |  | 162,250 |  |  | $ | 5.33 |
Outstanding at September 30, 2023 |  |  | 329,340 |  |  | $ | 61.73 |
Exercisable at September 30, 2023 |  |  | 148,912 |  |  | $ | 111.77 |
The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions:
|  | September 30, |
|  | 2023 |  |  | 2022 |
Expected term (in years) |  |  | 5.75 |  |  |  | 6.00 |
Risk-free interest rate |  |  | 4.4% |  |  |  | 1.9% |
Expected volatility |  |  | 81.7% |  |  |  | 80.3% |
Dividend yield |  |  | 0.0% |  |  |  | 0.0% |
No options were exercised during the three or nine months ended September 30, 2023 and 2022. At September 30, 2023, there was $1.0 million of unrecognized compensation expense that will be recognized over a weighted-average period of 2.3 years.

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