Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Stock-based Compensation (Tables)

v3.24.3
Note 11 - Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Notes To Financial Statements [Abstract]  
Share-based Payment Arrangement, Option, Activity

Stock option transactions for the nine months ended September 30, 2024 and September 30, 2023 are summarized as follows:

 

 

 

 

 

 

Nine months ended
September 30, 2024

 

 

 

 

 

 

Options (in thousands)

 

 

Weighted average
exercise price

 

 

Weighted average remaining contractual life
(years)

 

Outstanding, beginning of period

 

 

1,184

 

 

$

44.78

 

 

 

—

 

Granted

 

 

408

 

 

 

2.00

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(356

)

 

 

16.05

 

 

 

—

 

Outstanding, end of the period

 

 

1,236

 

 

$

38.75

 

 

 

6.73

 

Exercisable, end of the period

 

 

800

 

 

$

55.34

 

 

 

5.67

 

Vested and expected to vest, end of period

 

 

1,145

 

 

$

41.18

 

 

 

6.57

 

 

 

 

 

 

 

Nine months ended
September 30, 2023

 

 

 

 

 

 

Options (in thousands)

 

 

Weighted average
exercise price

 

 

Weighted average remaining
contractual
life (years)

 

Outstanding, beginning of period

 

 

1,100

 

 

$

52.22

 

 

 

—

 

Granted

 

 

217

 

 

 

9.87

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(125

)

 

 

49.58

 

 

 

—

 

Outstanding, end of the period

 

 

1,192

 

 

$

44.76

 

 

 

7.1

 

Exercisable, end of the period

 

 

718

 

 

$

58.98

 

 

 

6.1

 

Vested and expected to vest, end of period

 

 

1,107

 

 

$

46.42

 

 

 

7.0

 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents the weighted average assumptions that were used in the Black‑Scholes option pricing model to determine the fair value of stock options granted during the period, and the resulting weighted-average fair values:

 

 

 

Nine months ended
September 30, 2024

 

 

Nine months ended
September 30, 2023

 

Risk-free interest rate

 

 

4.07

%

 

 

3.42

%

Expected dividend yield

 

 

—

 

 

 

—

 

Expected volatility

 

 

83.1

%

 

 

80.3

%

Expected life of options (years)

 

5 years

 

 

5 years

 

Grant date fair value

 

$

1.36

 

 

$

6.53

 
Schedule of Share-based Payment Award, Options, Grants in Period

The following table presents the vesting terms of options granted in the period:

 

 

 

Nine months ended
September 30, 2024

 

 

Nine months ended
September 30, 2023

 

 

 

Number of options
(in thousands)

 

 

Number of options
(in thousands)

 

3-year vesting (50%-25%-25%)

 

 

20

 

 

 

48

 

4-year vesting (50%-16 2/3%-16 2/3%-16 2/3%)

 

 

388

 

 

 

169

 

Total stock options granted in the period

 

 

408

 

 

 

217

 
Share-based Payment Arrangement, Vesting and Redemption of the RSUs Granted

 

Nine months ended
September 30, 2024

 

Nine months ended
September 30, 2023

 

 

Number of options
(in thousands)

 

Weighted average grant date fair value

 

Number of options
(in thousands)

 

Weighted average grant date fair value

 

Outstanding, beginning of period

 

—

 

$

—

 

 

—

 

$

—

 

Granted

 

—

 

 

—

 

 

38

 

 

9.90

 

Vested and redeemed

 

—

 

 

—

 

 

(38

)

 

9.90

 

Outstanding, ending of period

 

—

 

$

—

 

 

—

 

$

—

 
Share-based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded share-based payment expense related to stock options and RSUs as follows:

 

 

 

Three months ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

(81

)

 

$

259

 

 

$

317

 

 

$

1,182

 

General and administrative

 

 

68

 

 

 

340

 

 

 

686

 

 

 

2,060

 

 

 

$

(13

)

 

$

599

 

 

$

1,003

 

 

$

3,242