Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.24.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of shares available for future grant
As of December 31, 2023, the shares available for future grant under the 2014 Amended and Restated Plan are as follows:
Shares Available for Grant
Available as of December 31, 2022 169,099 
Share pool increase 1,482,003 
Forfeited 24,448 
Cancelled 37,789 
RSU releases 5,333 
RSU grants (842,445)
Option grants (388,555)
Available as of December 31, 2023 487,672 
Schedule of summary of stock option activity
The following is a summary of option activities under the Company’s 2014 Amended and Restated Plan for the year ended December 31, 2023:
Number of
Shares		 Weighted
Average
Exercise Price		 Weighted
Average Remaining
Contractual
Term (Years)		 Aggregate
Intrinsic
Value*
Outstanding, December 31, 2022 171,980  $ 45.00  7.14 $ — 
Granted
 388,555  3.49 
Forfeited (37,789) 116.95 
Cancelled (24,448) 10.28 
Outstanding, December 31, 2023 498,298  $ 8.96  7.24 $ 20,441 
Exercisable, December 31, 2023 145,502  $ 19.88  7.24 $ 1,276 
Vested and expected to vest, December 31, 2023 498,298  $ 8.96  8.86 $ 20,441 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at December 31, 2023 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Year Ended December 31,
2023 2022
Dividend yield 0.00  % 0.00  %
Risk-free interest rate
3.86-4.61%
2.89-3.60%
Expected term (years)
5.27-6.08
5.00-6.08
Volatility
87.93-127.00%
126.27-132.58%
The fair value of the Company's performance-based RSUs were estimated on the date of grant under the following assumptions:
Year Ended December 31, 2023
Dividend yield 0.00%
Volatility factor
87.4- 87.9%
Risk-free interest rate
4.21- 4.54%
Derived service periods (years)
0.81 - 3.11
Schedule of RSA activity The following is a summary of restricted stock unit activity during the year ended December 31, 2023:
Number of
Shares		 Weighted Average Grant Date Fair Value
Unvested, December 31, 2022 10,665  $ 14.43 
Granted 842,445  3.59 
Released (5,333) 14.43 
Unvested, December 31, 2023 847,777  $ 3.66 
The following is a summary of restricted stock activity outside of the 2014 Amended and Restated Plan during the year ended December 31, 2023:
Number of Shares Weighted Average Grant Date Fair Value
Unvested, December 31, 2022 —  $ — 
Granted 10,000  1.55 
Released (5,000) — 
*Unvested, December 31, 2023 5,000  $ 1.55 
Schedule of Stock-Based compensation Expense The Company recognized stock-based compensation expense, including compensation expense for warrants with vesting provisions issued to a service provider (Note 5), and the RSUs discussed above, in its Consolidated Statements of Operations as follows:
Year Ended
December 31,
2023 2022
Research and development $ 188,886  $ 77,965 
General and administrative 798,624  530,234 
$ 987,510  $ 608,199