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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 9) STOCK-BASED COMPENSATION Stock Options During the three and six months ended June 30, 2025 and 2024, the Company granted options to purchase the number of shares of the Company’s common stock set forth in the table below (in thousands): SCHEDULE OF STOCK OPTION GRANTED
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock options granted |  |  | 5 |  |  |  | 33 |  |  |  | 127 |  |  |  | 158 |
The Company recognizes stock-based compensation expense for stock options granted to employees, directors and certain consultants. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options granted is recognized as expense over the requisite service period on a straight-lined basis. The following weighted-average assumptions were used for stock options granted during the three and six months ended June 30, 2025 and 2024: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS USED FOR STOCK OPTIONS GRANTED
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Weighted average risk-free rate |  |  | 3.91 | % |  |  | 4.32 | % |  |  | 4.40 | % |  |  | 4.45 | %
Weighted average volatility |  |  | 109.87 | % |  |  | 91.77 | % |  |  | 116.43 | % |  |  | 97.91 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0 | % |  |  | 0 | %
Expected term |  |  | 10.0 years |  |  |  | 5.68 years |  |  |  | 6.36 years |  |  |  | 5.85 years |
The per-share weighted average grant-date fair value of stock options granted during the three and six months ended June 30, 2025 and 2024 were as follows: SCHEDULE OF WEIGHTED AVERAGE GRANT-DATE FAIR VALUE OF STOCK OPTIONS
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Weighted average grant date fair value |  | $ | 3.05 |  |  | $ | 21.26 |  |  | $ | 4.27 |  |  | $ | 21.56 |
Vesting of all stock options is subject to continuous service with the Company through the applicable vesting date. As of June 30, 2025, there were approximately 293,000 shares of the Company’s common stock subject to outstanding stock options. Restricted Stock Units The Company recognizes the fair value of RSUs as expense on a straight-line basis over the requisite service period. For performance-based RSUs, the Company begins recognizing the expense once the achievement of the related performance goal is determined to be probable. Outstanding RSUs are settled in an equal number of shares of common stock on the vesting date of the award. An RSU award is settled only to the extent vested. Vesting generally requires the continued employment or service by the award recipient through the applicable vesting date. Because RSUs are settled in an equal number of shares of common stock without any offsetting payment by the recipient, the measurement of cost is based on the quoted market price of the stock at the measurement date, which is the grant date. In lieu of paying cash to satisfy withholding taxes due upon the settlement of vested RSUs, at the Company’s discretion, an employee may elect to have shares of common stock withheld that would otherwise be issued at settlement, the value of which is equal to the amount of withholding taxes payable. Approximately 30 RSUs vested during both the three and six months ended June 30, 2025 and approximately 29 RSUs vested during both the three and six months ended June 30, 2024. The Company did not grant RSUs during the three and six months ended June 30, 2025 or 2024, and as of June 30, 2025, there were no RSUs outstanding. Stock-Based Compensation Expense For the three and six months ended June 30, 2025 and 2024, the Company recognized stock-based compensation expense as follows (in thousands): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 15 |  |  | $ | 15 |  |  | $ | 31 |  |  | $ | 61 |
General and administrative |  |  | 353 |  |  |  | 408 |  |  |  | 839 |  |  |  | 644 |
Total |  | $ | 368 |  |  | $ | 423 |  |  | $ | 870 |  |  | $ | 705 |

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