Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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:

			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.

	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):

			Weighted Average
	Unrecognized Stock-Based		Remaining of Recognition
	Compensation		(in years)
Stock options	$	347		1.4
Stock grants		26		1.5