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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Stock-Based Compensation |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Incentive Plan On March 20, 2007, the Company’s Board of Directors approved the 2007 Stock Incentive Plan (the “2007 Stock Plan”) for the issuance of up to 7,143 shares of common stock to be granted through incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, restricted stock units and other stock-based awards to officers, other employees, directors and consultants of the Company and its subsidiaries. This plan was approved by the stockholders on November 2, 2007. The exercise price of stock options under the 2007 Stock Plan was determined by the compensation committee of the Board of Directors and could be equal to or greater than the fair market value of the Company’s common stock on the date the option is granted. As of December 31, 2023, there were 86 options issued and outstanding under the 2007 Stock Plan. Only options were issued under the plan. On November 2, 2010, the Board of Directors and stockholders adopted the 2010 Stock Incentive Plan (“2010 Stock Plan”) for the issuance of up to 8,572 shares of common stock to be granted through incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, restricted stock units and other stock-based awards to officers, other employees, directors and consultants of the Company and its subsidiaries. From time to time the number of shares authorized for options was increased such that 400,000 were authorized as of September 5, 2019. The exercise price of stock options under the 2010 Stock Plan is determined by the compensation committee of the Board of Directors and may be equal to or greater than the fair market value of the Company’s common stock on the date the option is granted. Options become exercisable over various periods from the date of grant and expire between five and ten years after the grant date. As of December 31, 2023, there were 198,540 options issued and outstanding under the 2010 Stock Plan. There are no shares available to be issued under this plan. Only options were issued under the plan. On September 17, 2020, the stockholders approved and adopted the 2020 Stock Incentive Plan ("2020 Stock Plan") for the issuance of up to 400,000 shares of common stock to be granted through incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, restricted stock units and other stock-based awards to officers, other employees, directors and consultants of the Company and its subsidiaries. The number of shares authorized for options was increased such that 7,000,000 were authorized as of December 31, 2022. As of December 31, 2023, there were 4,177,155 options issued and outstanding under the 2020 Stock Plan. Only options were issued under the plan. In the event of an employee’s termination, the Company will cease to recognize compensation expense for that employee. Stock option forfeitures are recognized as incurred. The fair value of the stock-based payment is recognized over the stated vesting period. 8. Stock-Based Compensation – (continued) The Company has applied fair value accounting for all stock-based payment awards since inception. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used for the years ended December 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2023 |  | 2022 |
Exercise price | ​ | $ | 0.59 | ​ | $ | 0.58-2.61 | ​
Expected dividends | ​ |  | 0 | % | ​ | 0 | %
Expected volatility | ​ |  | 90 | % | ​ | 95 | %
Risk free interest rate | ​ |  | 4.02 | % | ​ | 2.65-3.77 | %
Expected life of option (years) | ​ |  | 4.25 | ​ | ​ | 4.3 | ​
​ Expected dividends —The Company has never declared or paid dividends on its common stock and has no plans to do so in the foreseeable future. Expected volatility—Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. The expected volatility assumption is derived from the historical volatility of the Company’s common stock over a period approximately equal to the expected term. Risk-free interest rate—The assumed risk-free rate used is a zero coupon U.S. Treasury security with a maturity that approximates the expected term of the option. Expected life of the option—The period of time that the options granted are expected to remain unexercised. Options granted during the years ended 2022 and 2023 have a maximum term of seven years. The Company estimates the expected life of the option term based on the weighted average life between the dates that options become fully vested and the maximum life of options granted. The Company records stock-based compensation based upon the stated vesting provisions in the related agreements. The vesting provisions for these agreements have various terms as follows:
| ● | immediate vesting,
| ● | in full on one-year anniversary date of grant date,
| ● | half vesting immediately and remaining over three years,
| ● | quarterly over three years,
| ● | annually over three years,
| ● | one-third immediate vesting and remaining annually over two years,
| ● | one-half immediate vesting and remaining over nine months,
| ● | one-quarter immediate vesting and remaining over three years,
| ● | one-quarter immediate vesting and remaining over 33 months,
| ● | monthly over one year, and
| ● | monthly over three years.
8. Stock-Based Compensation – (continued) During the years ended December 31, 2023 and 2022, the Company granted 2,195,000 and 1,728,000 options to employees and directors having an approximate fair value of $0.9 million and $0.7 million based upon the Black-Scholes option pricing model, respectively. Stock-based compensation expense included in general and administrative expenses and research and development expenses relating to stock options issued to employees for the years ended December 31, 2023 and 2022 was $373,000 and $260,000, respectively. Stock-based compensation expense included in general and administrative expenses and research and development expenses relating to stock options issued to consultants for the years ended December 31, 2023 and 2022 was $179,000 and $215,000, respectively. A summary of stock option activity for the years ended December 31, 2023 and 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |  | Weighted Average |  | Aggregate
​ | ​ | ​ | ​ | Average Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Options | ​ | Price | ​ | Contractual Life | ​ | Value
Balance - December 31, 2021 |  | 625,565 | ​ | $ | 16.12 |  | 5.58 years | ​ | $ | —
​ |  |  | ​ |  |  |  |  | ​ |  |
Granted |  | 1,728,000 | ​ | ​ | 0.58 |  |  | ​ |  |
Exercised |  | — | ​ | ​ | — |  |  | ​ | ​ | ​
Expired |  | (43,126) | ​ | ​ | 67.81 |  |  | ​ |  |
Forfeited |  | (14,541) | ​ | ​ | 3.61 |  |  | ​ |  |
Balance - December 31, 2022 |  | 2,295,898 | ​ | ​ | 3.53 |  | 6.44 years | ​ | ​ | —
​ |  |  | ​ |  |  |  |  | ​ |  |
Granted |  | 2,195,000 | ​ | ​ | 0.59 |  |  | ​ |  |
Exercised |  | — | ​ | ​ | — |  |  | ​ | ​ | ​
Expired |  | (104,270) | ​ | ​ | 14.73 |  |  | ​ |  |
Forfeited |  | (10,847) | ​ | ​ | 1.11 |  |  | ​ |  |
​ |  |  | ​ |  |  |  |  | ​ |  |
Balance -December 31, 2023 - outstanding |  | 4,375,781 | ​ | $ | 1.80 |  | 7.70 years | ​ | $ | —
​ |  | ​ | ​ |  |  |  |  | ​ |  |
Balance - December 31, 2023 - exercisable |  | 1,251,477 | ​ | $ | 4.70 |  | 5.05 years | ​ | $ | —
​ |  |  | ​ |  |  |  |  | ​ |  |
Grant date fair value of options granted - December 31, 2023 |  |  | ​ | $ | 873,140 |  |  | ​ |  |
​ |  |  | ​ |  |  |  |  | ​ |  |
Weighted average grant date fair value - December 31, 2023 |  |  | ​ | $ | 0.40 |  |  | ​ |  |
​ |  |  | ​ |  | ​ |  |  | ​ |  |
Grant date fair value of options granted - December 31, 2022 |  |  | ​ | $ | 706,264 |  |  | ​ |  |
​ |  |  | ​ |  |  |  |  | ​ |  |
Weighted average grant date fair value - December 31, 2022 |  |  | ​ | $ | .41 |  |  | ​ |  |
​ The options outstanding and exercisable at December 31, 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options Outstanding | ​ | Options Exercisable
​ | ​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ |  | ​ | ​ |  | Weighted
​ | ​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​ | Weighted | ​ | Average
​ | ​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | ​ | ​ | Average | ​ | Remaining
Range of | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | ​ | ​ | Exercise | ​ | Contractual
Exercise Price | ​ | Options | ​ | Price | ​ | Life | ​ | Options | ​ | Price | ​ | Life
$ | 0.00 – $350.00 |  | 4,372,338 | ​ | $ | 1.20 |  | 8 years |  | 1,248,004 | ​ | $ | 2.62 |  | 5 years
​ | 351.00 – $700.00 |  | 270 | ​ |  | 511.00 |  | 1 years |  | 270 | ​ |  | 511 |  | 1 years
​ | 701.00 – $1000.00 |  | 3,173 | ​ | ​ | 779.83 |  | 2 years |  | 3,173 | ​ | ​ | 779.83 |  | 2 years
​ 8. Stock-Based Compensation – (continued) As of December 31, 2023, total unrecognized stock-based compensation expense related to stock options was $1.3 million which is expected to be expensed through December 2026. The FASB’s guidance for stock-based payments requires cash flows from excess tax benefits to be classified as a part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation costs for such options. The Company did not record any excess tax benefits in 2023 or 2022. Cash received from option exercises under the Company’s stock-based compensation plans for the years ended December 31, 2023 and 2022 was zero.

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