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Stock Plans | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Plans |
| 2. | Stock Plans
The following table summarizes option activity:
Schedule of our option activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Options (in thousands) |  |  | Weighted Average Exercise Price per share |  |  | Weighted Average Remaining Option Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2022 |  |  | 927 |  |  | $ | 7.97 |  |  |  | 8.34 |  |  | $ | - |
Granted |  |  | 1,475 |  |  |  | 0.93 |  |  |  | - |  |  |  | 235 |
Forfeited or expired |  |  | (91 | ) |  |  | 23.01 |  |  |  | - |  |  |  | - |
Outstanding at September 30, 2023 |  |  | 2,311 |  |  |  | 2.89 |  |  |  | 8.84 |  |  |  | 213 |
Exercisable at September 30, 2023 |  |  | 2,311 |  |  |  | 2.89 |  |  |  | 8.84 |  |  |  | 213 |
During August and September 2022, our Board granted 125,000 options to purchase common stock at $1.52 per share and 900,000 options to purchase common stock at $1.31 per share which are subject to shareholder approval of an amendment to increase the number of shares reserved for issuance under our 2015 Plan. The options vest monthly over a 12-month period from the grant dates. The shares underlying these options were approved by our stockholders on June 29, 2023 and have been included in the table above as of September 30, 2023. In July 2023, our Board granted, pursuant to our Fifth Amended and Restated 2015 Omnibus Equity Incentive Plan, an aggregate of 450,000 shares of fully vested unrestricted common stock to seven members of the Board of Directors and one member of the management team. As a result, we recognized non-cash stock compensation of approximately $0.2 million during the three months ending September 30, 2023. The following table summarizes the stock-based compensation expense recorded for awards under our stock option plans (in thousands):
Schedule of the stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 52 |  |  | $ | 306 |  |  | $ | 106 |  |  | $ | 553 |
Selling, general and administrative |  |  | 359 |  |  |  | 217 |  |  |  | 859 |  |  |  | 414 |
Total stock-based compensation |  | $ | 411 |  |  | $ | 523 |  |  | $ | 965 |  |  | $ | 967 |
We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the fair value of our stock options:
Schedule of assumptions to estimate the fair value of options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted-average risk-free interest rate |  |  | 4.08 | % |  |  | - | % |  |  | 4.06 | % |  |  | 1.91 | %
Expected dividend payments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expected holding period (years)1 |  |  | 4.8 |  |  |  | - |  |  |  | 5.3 |  |  |  | 5.3 |
Weighted-average volatility factor2 |  |  | 1.14 |  |  |  | - |  |  |  | 1.10 |  |  |  | 1.16 |
Estimated forfeiture rates for options granted3 |  |  | 7.5 | % |  |  | - | % |  |  | 7.0 | % |  |  | 5.6 | %
(1) | Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior.
(2) | Weighted average volatility is based on the historical volatility of our common stock.
(3) | Estimated forfeiture rates are based on historical data.
As of September 30, 2023, there was no unrecognized compensation expense related to non-vested stock options.

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