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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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:
| For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
(in thousands) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development | $ | 2 |  |  | $ | 180 |  |  | $ | 13 |  |  | $ | 356 |
General and administrative |  | 99 |  |  |  | 734 |  |  |  | 260 |  |  |  | 1,468 |
Stock-based compensation expense | $ | 101 |  |  | $ | 914 |  |  | $ | 273 |  |  | $ | 1,824 |
Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model | For the three and six months ended June 30, 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:
|  |  | For the Six Months Ended June 30,
|  |  | 2024 |  | 2023
Risk-free interest rate |  |  | 4.09% |  | 3.51 – 3.87%
Expected life in years |  |  | 5.04-5.27 |  | 5.06 – 6.25
Expected volatility |  |  | 114.65 -170.50% |  | 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 six months ended June 30, 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 |  |  | 46,589 |  |  | $ | 268.50 |  |  | 7.64 |  |  | $ | — |
Granted |  |  | 10,289 |  |  |  | 13.29 |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |
Cancelled |  |  | (26,641 | ) |  |  | 283.08 |  |  |  |  |  |  |
Outstanding, June 30, 2024 |  |  | 30,237 |  |  | $ | 168.81 |  |  |  | 7.46 |  |  | $ | — |
Options exercisable, June 30, 2024 |  |  | 17,743 |  |  | $ | 250.45 |  |  |  | 6.10 |  |  | $ | — |
Options available for future grant, June 30, 2024 |  |  | 145,745 |  |  |  |  |  |  |  |  |  |

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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