STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

The assumptions used to calculate the fair value of stock options granted are as follows, presented on a weighted-average basis:

	Year Ended December 31,
	2023	2022
Expected term	N/A	6.0 years
Expected volatility	N/A	97.8%
Risk-free interest rate	N/A	3.1%
Expected dividend yield	N/A	—%

Schedule of Stock Option Activity

A summary of stock option activity under the Company’s incentive plans is as follows:

	Shares	Weighted- Average Exercise Price		Total Intrinsic Value		Weighted-Average Remaining Contractual Life (In Years)
Outstanding as of December 31, 2022	215,316	$	84.10	$	—	8.21
Forfeited	(67,876)	$	61.88
Expired	(3,452)	$	573.92
Cancelled	(143,988)	$	82.83
Outstanding as of December 31, 2023	—	$	—	$	—	—

Schedule of Restricted Stock Unit Activity

RSU activity during the year ended December 31, 2023 is shown below:

	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022	—	$	—
Granted	141,250	$	2.40
Vested (1)	(110,000)	$	2.40
Forfeited	(8,750)	$	2.40
Repurchased (2)	(22,500)	$	2.40
Unvested as of December 31, 2023	—	$	—

____________

(1)The Company issued 66,831 shares of common stock in settlement of 110,000 vested RSUs, net of shares withheld for taxes.

(2)On December 28, 2023, there were 22,500 outstanding RSUs that were terminated and replaced with a right to a cash payment, subject to the same vesting schedule as the RSUs. In December 2023, a liability was established for the aggregate cash payment, and in January 2024, the Company paid an aggregate amount of $20 thousand to the RSU holders. The Company has no pattern of cash settling equity awards.

Schedule of Share-Based Compensation Expense

Total stock-based compensation expense reported in the consolidated statements of operations was allocated as follows (in thousands):

	Year Ended December 31,
	2023		2022
Research and development	$	468	$	425
General and administrative	1,451		1,731
Total stock-based compensation expense	$	1,919	$	2,156