|
Note
12 – Stock-based Compensation
The
Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”), which expired on May 7, 2024, provided for
the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights.
There were no significant modifications to the Plan during the three month periods ended March 31, 2024 and 2023. The term of the Plan
was for 10 years. The Company intends to adopt a new equity compensation plan at its 2024 Annual Meeting, pending shareholder approval.
The
following table contains information about the Company’s stock plan at March 31, 2024:
Schedule of Equtiy Compensation Plan by Arrangements
| |
|
Awards
Reserved for
Issuance |
|
|
Awards
Issued &
Exercised |
|
|
Awards
Available
for Grant |
|
| 2013 Equity Compensation Plan |
|
|
62,984,400 |
* |
|
|
50,712,275 |
** |
|
|
12,272,125 |
|
| * |
Increased
by 8,690,581 on January 1, 2024, representing 4% of the total number of shares of common stock outstanding on December 31, 2023.
|
| ** |
Includes
both restricted stock grants and option grants |
The
Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of
operations as follows:
Schedule of Recognized Stock Based Compensation
| |
|
Three Months Ended March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Research and Development |
|
$ |
415 |
|
|
$ |
553 |
|
| General and Administrative |
|
|
580 |
|
|
|
719 |
|
| Total |
|
$ |
995 |
|
|
$ |
1,272 |
|
As
of March 31, 2024, total compensation costs related to unvested awards not yet recognized was $6,840 and the weighted-average periods
over which the awards are expected to be recognized was 2.4 years.
Stock
Options
The
following table summarizes the activity for Company’ stock options for the three months ended March 31, 2024:
Schedule of Stock Option Activity
| |
|
Stock Options |
|
| Outstanding at December 31, 2023 |
|
|
46,707,934 |
|
| Granted |
|
|
— |
|
| Exercised |
|
|
— |
|
| Forfeited |
|
|
— |
|
| Expired |
|
|
(676,374 |
) |
| Outstanding at March 31, 2024 |
|
|
46,031,560 |
|
|