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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
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Stock-Based Compensation | 7. Stock-Based Compensation 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 |
The Company granted an aggregate of 6,288 stock options during the three months ended June 30, 2024, with a weighted-average grant date fair value of $9.72 per share, and granted an aggregate of 4,133 stock options during the three months ended June 30, 2023, with a weighted-average grant date fair value of $54 per share. The Company granted an aggregate of 10,289 stock options during the six months ended June 30, 2024, with a weighted-average grant date fair value of $11.76 per share, and granted an aggregate of 24,567 stock options during the six months ended June 30, 2023, with a weighted-average grant date fair value of $58.5 per share. 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 |  |  | —% |  | —%
2. 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 |  |  |  |  |  |  |  |  |  |
At June 30, 2024, total unrecognized compensation costs related to unvested stock options outstanding amounted to $0.3 million. The cost is expected to be recognized over a weighted-average period of 1.82 years.

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