STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 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 nine months ended September 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 |
1,435,000 |
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2.32 |
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Options exercised |
(38,069) |
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0.77 |
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| Options cancelled |
(66,748) |
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3.54 |
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Outstanding – September 30, 2024 |
7,422,708 |
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$ |
2.24 |
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8.6 |
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$ |
2,826 |
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Exercisable – September 30, 2024 |
2,147,402 |
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$ |
1.96 |
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7.5 |
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$ |
1,534 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the nine months ended September 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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Nine Months ended September 30, |
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2024 |
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2023 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
125.33% - 128.85% |
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110.23% - 110.64% |
| Expected term (in years) |
6.00 - 7.00 |
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5.85 - 6.07 |
| Risk-free rate |
3.59% - 4.60% |
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3.54% - 3.95% |
| 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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$1.75 - $3.38 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity during the nine months ended September 30, 2024:
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Nine Months ended September 30, 2024 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
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| Non-Vested at beginning of period |
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217,881 |
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$ |
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 (rounded):
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Three months ended September 30, |
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Nine Months ended September 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 |
560,000 |
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589,500 |
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1,898,000 |
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1,352,100 |
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| RSU’s |
149,000 |
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153,000 |
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433,000 |
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323,000 |
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| Total general and administrative |
709,000 |
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742,500 |
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2,331,000 |
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1,675,100 |
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| Research and development |
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| Stock options |
334,000 |
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173,600 |
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941,000 |
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336,100 |
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| RSU’s |
10,000 |
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10,200 |
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28,000 |
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10,200 |
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| Total research and development |
344,000 |
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183,800 |
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969,000 |
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346,300 |
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| Total |
1,053,000 |
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926,300 |
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3,300,000 |
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2,021,400 |
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