|
8.
Stock-Based Compensation
A
summary of the Company’s outstanding stock option activity for the nine months ended September 30, 2023, and 2022 is as follows:
Schedule of Stock Option Activity
| |
|
|
|
|
September
30, 2023 |
|
|
|
|
| |
|
Options |
|
|
Weighted-
Average Exercise Price |
|
|
Weighted-
Average Remaining Contractual
Life (Years)
|
|
|
Intrinsic Value
|
|
| As of December 31, 2022 |
|
|
11,909 |
|
|
$ |
234 |
|
|
|
6.9 |
|
|
$ |
- |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| As of September 30, 2023 |
|
|
11,909 |
|
|
$ |
120 |
|
|
|
7.2 |
|
|
$ |
- |
|
| Exercisable at September
30, 2023 |
|
|
9,640 |
|
|
$ |
299 |
|
|
|
7.2 |
|
|
$ |
- |
|
| Vested
and expected to vest at September 30, 2023 |
|
|
9,895 |
|
|
$ |
120 |
|
|
|
7.2 |
|
|
$ |
- |
|
| |
|
|
|
|
September
30, 2022 |
|
|
|
|
| |
|
|
|
|
Weighted- Average
|
|
|
Weighted- Average Remaining Contractual
Life
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise
Price |
|
|
(Years) |
|
|
Value |
|
| As of December 31, 2021 |
|
|
8,339 |
|
|
$ |
391 |
|
|
|
8.7 |
|
|
$ |
87,553 |
|
| Granted |
|
|
3,570 |
|
|
|
45 |
|
|
|
10.0 |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| As of September 30, 2022 |
|
|
11,909 |
|
|
$ |
238 |
|
|
|
8.4 |
|
|
$ |
- |
|
| Exercisable at September
30, 2022 |
|
|
5,372 |
|
|
$ |
464 |
|
|
|
7.8 |
|
|
$ |
- |
|
| Vested
and expected to vest at September 30, 2022 |
|
|
11,151 |
|
|
$ |
248 |
|
|
|
8.4 |
|
|
$ |
- |
|
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 Company did not grant
any stock options during the first quarter of 2023.
Of
the 11,909 options outstanding as of September 30, 2023, 3,550 were awarded to non-executive members of the board of directors.
Unrecognized
stock-based compensation as of September 30, 2023, is as follows (in thousands):
Schedule of Unrecognized Stock-based Compensation
| |
|
|
|
|
Weighted
Average |
|
| |
|
Unrecognized
Stock-Based |
|
|
Remaining of
Recognition
|
|
| |
|
Compensation |
|
|
(in
years) |
|
| Stock options |
|
$ |
143 |
|
|
|
0.7 |
|
| Stock grants |
|
$ |
40 |
|
|
|
6.9 |
|
|