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Stock-Based Compensation | 9 Months Ended
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Sep. 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 September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development | $ | 2 |  |  | $ | 90 |  |  | $ | 15 |  |  | $ | 446 |
General and administrative |  | 78 |  |  |  | 636 |  |  |  | 339 |  |  |  | 2,104 |
Stock-based compensation expense | $ | 80 |  |  | $ | 726 |  |  | $ | 354 |  |  | $ | 2,550 |
The Company granted an aggregate of 3,000 stock options during the three months ended September 30, 2024, with a weighted-average grant date fair value of $2.06 per share, and granted an aggregate of 66 stock options during the three months ended September 30, 2023, with a weighted-average grant date fair value of $58.5 per share. The Company granted an aggregate of 13,289 stock options during the nine months ended September 30, 2024, with a weighted-average grant date fair value of $10.84 per share, and granted an aggregate of 24,634 stock options during the nine months ended September 30, 2023, with a weighted-average grant date fair value of $58.5 per share. For the three and nine months ended September 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 Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate |  |  | 3.70% |  | 4.01 |  | 3.70 – 4.09% |  | 3.51 – 4.01%
Expected life in years |  |  | 6.06 |  | 6.25 |  | 5.04-6.06 |  | 5.06 – 6.25
Expected volatility |  |  | 112.17% |  | 90.65 |  | 112.17 -170.50% |  | 89.69 – 95.63%
Expected dividend yield |  |  | —% |  | —% |  | —% |  | —%
2. Stock option activity under the Company’s stock option plans for the nine months ended September 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 |  |  | 13,289 |  |  |  | 10.84 |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |
Cancelled |  |  | (26,641 | ) |  |  | 283.08 |  |  |  |  |  |  |
Outstanding, September 30, 2024 |  |  | 33,237 |  |  | $ | 153.79 |  |  |  | 7.45 |  |  | $ | — |
Options exercisable, September 30, 2024 |  |  | 20,729 |  |  | $ | 250.45 |  |  |  | 6.35 |  |  | $ | — |
Options available for future grant, September 30, 2024 |  |  | 142,745 |  |  |  |  |  |  |  |  |  |
At September 30, 2024, total unrecognized compensation costs related to unvested stock options outstanding amounted to $0.4 million. The cost is expected to be recognized over a weighted-average period of 1.34 years.

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