STOCK-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option, Activity |
The following is a summary of stock option activity during the six months ended June 30, 2024:
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Number of
options
outstanding |
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Weighted
average
exercise
price |
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Average
remaining
contractual life
(in years) |
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Aggregate
intrinsic value
(in thousands) |
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Outstanding – December 31, 2023 |
6,092,525 |
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$ |
2.22 |
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8.7 |
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$ |
2,945 |
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Options granted |
114,000 |
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2.27 |
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Options exercised |
(5,252) |
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1.54 |
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| Options cancelled |
(25,748) |
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2.41 |
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Outstanding – June 30, 2024 |
6,175,525 |
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$ |
2.23 |
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8.4 |
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$ |
3,692 |
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Exercisable – June 30, 2024 |
1,748,660 |
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$ |
1.90 |
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7.4 |
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$ |
1,687 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the six months ended June 30, 2024 and 2023, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
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Six months ended June 30, |
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2024 |
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2023 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
125.89% - 128.74% |
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110.23% - 111.73% |
| Expected term (in years) |
6.02 - 7.00 |
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5.71 - 6.07 |
| Risk-free rate |
4.50% - 4.60% |
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3.54% - 3.80% |
| Expected dividend yield |
$ |
— |
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$ |
— |
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| Weighted average grant date fair value per share |
$1.81 - $2.48 |
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$1.73 - $3.38 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity:
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Six months ended June 30, 2024 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
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| Non-Vested at beginning of period |
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217,881 |
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$ |
3.12 |
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| Shares granted |
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243,357 |
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2.26 |
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| Shares vested |
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(177,827) |
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3.13 |
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| Non-vested at the end of period |
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283,411 |
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$ |
2.38 |
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| Schedule of Stock-Based Compensation |
The following is a summary of stock-based compensation expense:
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Three months ended June 30, |
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Six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| General and administrative |
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| Stock options |
602,000 |
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507,200 |
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1,338,000 |
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707,200 |
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| RSU’s |
142,000 |
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116,400 |
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283,000 |
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217,400 |
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| Total general and administrative |
744,000 |
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623,600 |
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1,621,000 |
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924,600 |
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| Research and development |
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| Stock options |
287,000 |
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78,800 |
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607,000 |
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170,800 |
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| RSU’s |
9,000 |
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— |
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19,000 |
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— |
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| Total research and development |
296,000 |
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78,800 |
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626,000 |
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170,800 |
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| Total |
1,040,000 |
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702,400 |
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2,247,000 |
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1,095,400 |
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