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Stock Option Plan | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Option Plan | 13. Stock Option Plan The Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, in June 2020. As of December 31, 2024, there were 33,236 shares reserved for issuance and 142,745 shares available for future grant. The Company reserved 140,000 shares for issuance plus a carryover of 7,109 shares from the 2012 Plan for a total of 147,109 shares. In addition, returning shares from the 2012 Plan are available for issuance under the 2020 Plan. Stock options generally vest ratably in either quarterly or annual installments over three or four years, commencing on the first anniversary of the grant date and have contractual terms of ten years. Stock options to directors generally vest ratably over one or two years and have contractual terms of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation is recognized based on such fair value over the period of vesting on a straight-line basis. Stock option activity under the Company's stock options plans for the years ending December 31, 2024 and 2023 were 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, 2022 |  |  | 69,391 |  |  | $ | 276.00 |  |  | 8.69 |  |  | $ | 3 |
Granted |  |  | 25,912 |  |  |  | 73.50 |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |
Cancelled |  |  | (48,714 | ) |  |  | 177.00 |  |  |  |  |  |  |
Outstanding, December 31, 2023 |  |  | 46,589 |  |  | $ | 268.50 |  |  | 7.64 |  |  | $ | — |
Granted |  |  | 13,289 |  |  |  | 10.84 |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |
Cancelled |  |  | (26,641 | ) |  |  | 283.09 |  |  |  |  |  |  |
Outstanding, December 31, 2024 |  |  | 33,237 |  |  | $ | 153.79 |  |  |  | 7.15 |  |  | $ | — |
Options exercisable, December 31, 2024 |  |  | 23,903 |  |  | $ | 224.53 |  |  |  | 7.41 |  |  | $ | — |
Options available for future grant, December 31, 2024 |  |  | 142,745 |  |  |  |  |  |  |  |  |  |
The estimated weighted-average fair value of stock options granted to employees in the year ended December 31, 2024 was approximately $10.84 per share and was approximately $55.80 per share for the year ended December 31, 2023. On December 31, 2024, total unrecognized compensation costs related to non-vested stock options outstanding amounted to $0.4 million, which is expected to be recognized over a weighted-average period of 1.29 years. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:
|  | For the Year Ended December 31,
|  | 2024 |  | 2023
Risk-free interest rate |  | 3.70 – 4.09% |  | 3.51 – 4.01%
Expected life in years |  | 5.04-6.06 |  | 5.06 – 6.25
Expected volatility |  | 112.17 -170.50% |  | 89.69 – 112.12%
Expected dividend yield |  | —% |  | —%
Restricted Stock During the year ended December 31, 2023, 3,332 restricted shares vested with a weighted average exercise price of $179.4 and 2,928 restricted shares were cancelled with a weighted average exercise of $246.00. No restricted shares remained unvested at December 31, 2023. For the year ended December 31, 2024 and 2023 the Company did no t issue shares of restricted stock.

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