|
10.
Stock-Based Compensation
A
summary of the Company’s outstanding stock option activity for the years ended December 31, 2022 and 2021 is as follows:
Schedule of Stock Option Activity
| |
|
|
|
|
December 31, 2022 |
|
|
|
|
| |
|
|
|
|
Weighted- Average
Exercise
|
|
|
Weighted- Average Remaining Contractual Life
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Price |
|
|
(Years) |
|
|
Value |
|
| As of December 31, 2021 |
|
|
8,339 |
|
|
$ |
391.00 |
|
|
|
8.7 |
|
|
|
87,553 |
|
| Granted |
|
|
3,570 |
|
|
|
44.60 |
|
|
|
10.0 |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| As of December 31, 2022 |
|
|
11,909 |
|
|
$ |
234.02 |
|
|
|
6.9 |
|
|
$ |
- |
|
| Exercisable at December 31, 2022 |
|
|
11,301 |
|
|
$ |
239.73 |
|
|
|
6.9 |
|
|
$ |
- |
|
| Vested and expected to vest at December 31, 2022 |
|
|
10,026 |
|
|
$ |
256.90 |
|
|
|
6.9 |
|
|
$ |
- |
|
| |
|
|
|
|
December 31, 2021 |
|
|
|
|
| |
|
|
|
|
Weighted- Average
Exercise
|
|
|
Weighted- Average Remaining Contractual Life
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Price |
|
|
(Years) |
|
|
Value |
|
| As of December 31, 2020 |
|
|
4,654 |
|
|
$ |
553 |
|
|
|
9.3 |
|
|
|
511,518 |
|
| Granted |
|
|
3,685 |
|
|
|
193 |
|
|
|
10.0 |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| As of December 31, 2021 |
|
|
8,339 |
|
|
$ |
391 |
|
|
|
8.7 |
|
|
$ |
87,553 |
|
| Exercisable at December 31, 2021 |
|
|
2,682 |
|
|
$ |
1,004 |
|
|
|
8.3 |
|
|
$ |
46,449 |
|
| Vested and expected to vest at December 31, 2021 |
|
|
8,303 |
|
|
$ |
391 |
|
|
|
8.7 |
|
|
$ |
86,703 |
|
The
Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires
several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based
on an average of the historical volatility of the Company. The expected term was contractual life of option. The risk-free interest rate
was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted
average assumptions were used in the calculation to estimate the fair value of options granted to employees and non-employees during
the year ended December 31, 2022. During the year ended December 31, 2022, the Company granted stock options with an estimated fair value
of approximately $0.2 million.
Schedule of Assumption used for Fair Value of Option
| |
|
Year Ended |
|
| |
|
December 31, 2022 |
|
| Weighted-average risk-free interest rate |
|
|
1.70 |
% |
| Weighted-average expected life (in years) |
|
|
5.5 |
|
| Expected dividend yield |
|
|
- |
% |
| Weighted-average expected volatility |
|
|
131 |
% |
Of
the 3,570 options granted during 2022, 600 were to non-executive members of the board of directors. Of the 11,909 options outstanding
as of December 31, 2022, 3,550 were awarded to non-executive members of the board of directors.
Unrecognized
stock-based compensation as of December 31, 2022, is as follows (in thousands):
Schedule of Unrecognized Stock-based Compensation
| |
|
|
|
|
Weighted Average |
|
| |
|
Unrecognized
Stock-Based
|
|
|
Remaining
of Recognition |
|
| |
|
Compensation |
|
|
(in years) |
|
| Stock options |
|
$ |
347 |
|
|
|
1.4 |
|
| Stock grants |
|
|
26 |
|
|
|
1.5 |
|
|