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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
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Stock-Based Compensation Expense on All Employee and Non-Employee Awards | The Company recognized stock-based compensation expense on all employee and non-employee awards as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Research and development |  | $ | 11 |  |  | $ | 175 |
General and administrative |  |  | 161 |  |  |  | 735 |
Stock-based compensation expense |  | $ | 172 |  |  | $ | 910 |
Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model | For the three months ended March 31, 2024 and 2023, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Risk-free interest rate |  | 4.09% |  | 3.58 – 3.87%
Expected life in years |  | 5.27 |  | 5.06 – 6.25
Expected volatility |  | 114.65% |  | 89.69 – 95.63%
Expected dividend yield |  | —% |  | —%
Stock Option Activity under Stock Option Plan | Stock option activity under the Company’s stock option plans for the three months ended March 31, 2024 was as follows:
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding, December 31, 2023 |  |  | 465,898 |  |  | $ | 26.85 |  |  |  |  |  |  |
Granted |  |  | 40,000 |  |  |  | 1.80 |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |
Cancelled |  |  | (254,441 | ) |  |  | 19.61 |  |  |  |  |  |  |
Outstanding, March 31, 2024 |  |  | 251,457 |  |  | $ | 21.15 |  |  |  | 6.92 |  |  | $ | — |
Options exercisable, March 31, 2024 |  |  | 161,844 |  |  | $ | 28.28 |  |  |  | 5.53 |  |  | $ | — |
Options available for future grant, March 31, 2024 |  |  | 1,514,087 |  |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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