Stock-Based Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Plans

11. Stock-Based Plans

The. 2015 Incentive Plan (the “2015 Plan”) was originally ratified and approved by the Company’s stockholders on May 27, 2015. Subject to proportionate adjustment in the event of stock splits and similar events, the aggregate number of shares of common stock that may be issued under the 2015 Plan is 81,248 shares.

As of December 31, 2023, there were 69,513 shares available for issuance under the 2015 Plan.

Pursuant to the January 2023 merger, the Company assumed 117,360 restricted shares, all of which are issued and outstanding, and 107,623 outstanding options.

The following table set forth the parameters used in the computation of the fair value of options granted to employees:

	Year ended
	December 31,
	2023*			2022
Expected volatility		-	%		80	%
Expected dividends		-	%		0	%
Expected term (in years)		-			6.34
Risk free rate		-	%		0.98%-3.53	%

* no shares have been granted

The Company recorded stock-based compensation for the period indicated as follows (in thousands):

	Year ended		Year ended
	December 31,		December 31,
	2023		2022
Research and Development	$	119	$	717
General and Administrative		1,104		1,527
Total Stock-Based Compensation	$	1,223	$	2,244

A summary of the Company’s stock option activity granted to employees under the Plan is as follows:

	Year ended December 31, 2023
						Weighted
						average
				Weighted		remaining
				average		contractual		Aggregate
	Number of			exercise		term		intrinsic
	options			price		(in years)		value
Outstanding at Beginning of Year		197,897		$	38.34		6.10	$	-
Assumed in advaxis merger		9,815			1,243.88		6.30
Granted		-			-		-		-
Forfeited		(6,539	)		38.34		7.30
Expired		(98,281	)		38.91		5.92
Outstanding, December 31, 2023		102,892		$	151.86		6.20	$	-
Exercisable Options, December 31, 2023		90,596		$	131.77		6.02	$	-

The Company did not grant any options during 2023. The weighted-average grant date per-share fair value of stock options granted during 2022 was $5.74. No stock options were exercised during the years ended December 31, 2023 and 2022. As of December 31, 2023, there was approximately $0.1 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.14 years.

Company’s restricted shares:

In May 2022, the Company granted 80,050 restricted shares to officers and employees of the Company. The restricted shares vest over three years starting May 15, 2022.

In August 2022, the Company granted 4,947 restricted shares to employees of the Company. The restricted shares vest over four years starting Aug 14, 2022.

The following table summarizes information relating to restricted shares, as well as changes to such awards during the fiscal years ended December 31, 2023 and 2022:

	Year ended December 31,			Weighted average Fair value on grant date		Year ended December 31,			Weighted average Fair value on grant date
	2022					2023
Opening balance		23,303		$	58.09		80,840			18.78
Forfeited		(5,926	)		16.67		(5,176	)		10.67
Granted		84,997			10.42		-			-
Vested		(21,534	)		28.92		(58,607	)		21.37
		80,840		$	18.78		17,057

The weighted average fair value at grant date of restricted shares granted for the year ended December 31, 2022 was $2.00, per share. There were no grants during 2023.

Restricted shares are subject to a repurchase right by the Company on certain occasions. Under the repurchase right, the Company may reacquire restricted shares, for no consideration, if certain conditions occur including the employees’ end of service with the Company.