|
8.
Stock-Based Compensation
A
summary of the Company’s outstanding stock option activity for the nine months ended September 30, 2024, and 2023 is as follows:
Schedule of Stock Option Activity
| |
|
|
|
|
September 30, 2024 |
|
|
|
|
| |
|
|
|
|
Weighted- Average
|
|
|
Weighted- Average Remaining Contractual
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise Price |
|
|
Life (Years) |
|
|
Value |
|
| As of December 31, 2023 |
|
|
60 |
|
|
$ |
21,954 |
|
|
|
6.9 |
|
|
$ |
- |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(13 |
) |
|
|
26,749 |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
(1 |
) |
|
|
891,768,343 |
|
|
|
- |
|
|
|
- |
|
| As of September 30, 2024 |
|
|
46 |
|
|
$ |
19,969 |
|
|
|
5.9 |
|
|
$ |
- |
|
| Exercisable at September 30, 2024 |
|
|
45 |
|
|
$ |
26,105 |
|
|
|
6.3 |
|
|
$ |
- |
|
| Vested and expected to vest at September 30, 2024 |
|
|
22 |
|
|
$ |
29,359 |
|
|
|
5.8 |
|
|
$ |
- |
|
| |
|
|
|
|
September 30, 2023 |
|
|
|
|
| |
|
|
|
|
Weighted- Average
|
|
|
Weighted- Average Remaining Contractual
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise Price |
|
|
Life (Years) |
|
|
Value |
|
| As of December 31, 2022 |
|
|
60 |
|
|
$ |
46,800 |
|
|
|
6.9 |
|
|
$ |
- |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| As of September 30, 2023 |
|
|
60 |
|
|
$ |
24,000 |
|
|
|
7.2 |
|
|
$ |
- |
|
| Exercisable at September 30, 2023 |
|
|
48 |
|
|
$ |
59,800 |
|
|
|
7.2 |
|
|
$ |
- |
|
| Vested and expected to vest at September 30, 2023 |
|
|
49 |
|
|
$ |
24,000 |
|
|
|
7.2 |
|
|
$ |
- |
|
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 third quarter of 2024.
Of
the 46 options outstanding as of September 30, 2024, 18 were awarded to non-executive members of the board of directors.
Unrecognized
stock-based compensation as of September 30, 2024, is as follows (in thousands):
Schedule of Unrecognized Stock-based Compensation
| |
|
|
|
|
Weighted Average
|
|
| |
|
Unrecognized Stock-Based
|
|
|
Remaining of Recognition
|
|
| |
|
Compensation |
|
|
(in years) |
|
| Stock options |
|
$ |
7 |
|
|
|
0.1 |
|
| Stock grants |
|
$ |
11 |
|
|
|
1.5 |
|
|