v3.25.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Compensation [Abstract]  
Schedule of Stock Option Awards

The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model using the following assumptions during the periods indicated:

 

   Year ended December 31, 
   2024   2023   2022 
Weighted Average Risk-free interest rate   4.21%   4.65%   3.41%
Dividend yield   
-
    
-
    
-
 
Weighted Average Volatility factor   89.73%   84.83%   91.62%
Weighted Average Expected life of the options   5    5    5 
Schedule of Options Granted

The following table contains additional information concerning options granted under the existing stock-option plan:

 

   For the year ended December 31, 
   2024   2023   2022 
   Number
of
options		   Weighted
 average
exercise
price		   Number
of
options		   Weighted
 average
exercise
 price		   Number
of
 options		   Weighted 
average
exercise
 price		 
Outstanding at beginning of the year   2,842,496   $5.63    2,939,434   $5.85    2,142,547   $6.02 
Granted   265,000   $3.11    53,192   $3.53    860,492   $5.49 
Forfeited and expired   (209,481)  $6.05    (150,130)  $9.31    (40,730)  $6.42 
Exercised   
-
   $
-
    
-
   $
-
    (22,875)  $6.49 
Outstanding at end of the year   2,898,015   $5.37    2,842,496   $5.63    2,939,434   $5.85 
Exercisable at end of the year   2,315,048   $5.46    2,245,993   $5.53    1,953,429   $5.55 
Schedule of Changes in Nonvested Shares Granted

Following is a summary of changes in nonvested shares granted:

 

   For the year ended December 31, 
   2024   2023   2022 
   Number
of
options		   Weighted 
average
exercise
 price		   Number
of
 options		   Weighted
average
exercise
price		   Number
 of
options		   Weighted 
average
exercise price		 
Balance at beginning of the year   596,503   $5.53    986,005   $6.46    529,082   $8.69 
Granted   265,000   $3.11    53,192   $3.53    860,492   $5.49 
Vested during the year   (233,473)  $5.88    (384,203)  $7.35    (370,839)  $7.14 
Forfeited during the year   (45,063)  $4.43    (58,491)  $7.16    (32,730)  $6.43 
Balance at end of the year   582,967   $4.38    596,503   $5.53    986,005   $6.46 
Schedule of Exercise Prices and Remaining Contractual Life Set forth below is data regarding the range of exercise prices and remaining contractual life (in years) for options outstanding at December 31, 2024:
Exercise
price		   Number of options
outstanding		   Remaining
contractual
Life (in years)		   Intrinsic Value of
Options
Outstanding		   No. of options
exercisable		 
            (in thousands)     
$1.42    15,000    9.50   $
-
    - 
$2.69    90,304    2.18    
-
    90,304 
$2.69    559,288    9.01    
-
    559,288 
$3.21    224,000    9.13    
-
    - 
$3.53    53,192    8.84    
-
    13,298 
$3.66    250,000    5.34    
-
    250,000 
$4.68    31,500    5.25    
-
    31,500 
$5.34    152,250    7.25    
-
    78,500 
$5.34    442,410    7.88    
-
    287,087 
$5.97    150,000    7.88    
-
    75,000 
$6.22    147,536    1.47    
-
    147,536 
$6.22    332,110    9.01    
-
    332,110 
$8.19    150,000    9.01    
-
    150,000 
$9.02    40,500    5.87    
-
    40,500 
$10.12    2,421    3.87    
-
    2,421 
$10.12    6,534    9.01    
-
    6,534 
$12.23    250,000    6.41    
-
    250,000 
$21.40    970    9.01    
-
    970 
      2,898,015        $
-
    2,315,048 
                       
Schedule of Restricted Stock Units Granted The following table contains information concerning restricted stock units granted under the existing equity incentive plans:
   For the year ended December 31, 
   2024   2023   2022 
  

Number
of
options

  

Weighted
average
exercise
price 

  

Number
of
options

  

Weighted
average
exercise
price

  

Number
of
options

  

Weighted
average
exercise
price

 
Nonvested at beginning of period   621,135   $3.14    157,560   $10.02    229,331   $10.08 
Granted   825,687   $1.266    529,854   $1.90    
-
   $
-
 
Vested   (175,991)  $4.06    (52,521)  $10.05    (67,458)  $9.91 
Forfeited   (36,259)  $2.75    (13,758)  $9.77    (4,313)  $14.67 
Nonvested at end of period   1,234,572   $1.77    621,135   $3.14    157,560   $10.02 
Schedule of Share-Based Compensation Expense The following table summarizes share-based compensation expenses related to grants under the 2019 Plan included in the statements of operations:
   Year ended December 31, 
(in thousands)  2024   2023   2022 
Research & development  $916   $524   $876 
General & administrative   1,149    1,427    1,836 
Total  $2,065   $1,951   $2,712