| Schedule of Activity Under the Plan is Set Forth |
Activity
under the Plan is set forth below: | | | Options Outstanding | | Stock Option Activity | | Shares
Available
for Grant | | | Number of
Options | | | Weighted-
Average
Exercise
Price Per
Share | | | Weighted-Average
Remaining
Contractual
Term
(in years) | | Balances at January 1, 2025 | | | 7,194 | | | | 13,705 | | | $ | 87.00 | | | 3.00 | | Options granted | | | (7,194 | ) | | | 7,194 | | | $ | 273.31 | | | | | Options exercised | | | — | | | | — | | | $ | - | | | | | Options expired | | | — | | | | — | | | $ | - | | | | | Options cancelled/forfeited | | | 54 | | | | (54 | ) | | $ | 137.14 | | | | | Balances at September 30, 2025 | | | 54 | | | | 20,845 | | | $ | 151.19 | | | 6.24 | | Exercisable at September 30, 2025 | | | | | | | 10,915 | | | $ | 226.51 | | | 5.33 | | | | Options Outstanding | | Stock Option Activity | | Shares
Available
for Grant | | | Number of
Options | | | Weighted-
Average
Exercise
Price Per
Share | | | Weighted-Average
Remaining
Contractual
Term
(in years) | | Balances at December 31, 2023 | | | 7,148 | | | | 13,751 | | | $ | 87.00 | | | 3.70 | | Options granted | | | — | | | | — | | | | — | | | | | Options exercised | | | — | | | | — | | | | — | | | | | Options expired | | | 46 | | | | (46 | ) | | | 0.22 | | | | | Options cancelled/forfeited | | | — | | | | — | | | | — | | | | | Balances at September 30, 2024 | | | 7,194 | | | | 13,705 | | | $ | 87.03 | | | 3.18 | | Exercisable at September 30, 2024 | | | | | | | 7,012 | | | $ | 105.75 | | | 4.51 |
|
Activity
under the Plan, as adjusted for the recapitalization and the Reverse Stock Split (see Note 17) is set forth below:
| | | Options Outstanding | | | Stock Option Activity | | Shares
Available
for Grant | | | Number of
Options | | | Weighted-
Average
Exercise
Price Per
Share | | | Weighted-
Average
Remaining
Contractual
Term
(in years) | | | Balances at January 1, 2024 | | | 7,148 | | | | 13,751 | | | $ | 87.00 | | | | 3.70 | | | Options granted | | | — | | | | — | | | $ | — | | | | | | | Options exercised | | | — | | | | — | | | $ | — | | | | | | | Options expired | | | 46 | | | | (46 | ) | | $ | 0.218 | | | | | | | Options cancelled/forfeited | | | — | | | | — | | | $ | — | | | | | | | Balances at December 31, 2024 | | | 7,194 | | | | 13,705 | | | $ | 87.00 | | | | 3.00 | | | Exercisable at December 31, 2024 | | | | | | | 7,142 | | | $ | 105.75 | | | | 4.32 | | | Vested and expected to vest at December 31, 2024 | | | | | | | 13,705 | | | | 87.00 | | | | 3.00 | |
|
| Schedule of Stock Compensation Expense by Function Recognized for the Years |
The
following table is a summary of stock compensation expense by function recognized for the three and nine months ended September 30, 2025
and 2024 (in thousands):
| | |
Nine
months ended
September 30, | |
| | |
2025 | | |
2024 | |
| General
Administrative | |
$ | 612 | | |
$ | 5 | |
| Research
and development | |
| 92 | | |
| 11 | |
| | |
$ | 704 | | |
$ | 16 | |
| | |
Three
months ended
September 30, | |
| | |
2025 | | |
2024 | |
| General
Administrative | |
$ | 579 | | |
$ | 3 | |
| Research
and development | |
| 38 | | |
| 9 | |
| | |
$ | 617 | | |
$ | 12 | |
|
The
following table is a summary of stock compensation expense by function recognized for the years ended December 31, 2024 and
2023 (in thousands):
| | |
Years
ended
December 31, | |
| | |
2024 | | |
2023 | |
| General
Administrative | |
$ | 7 | | |
$ | 10 | |
| Research
and development | |
| 14 | | |
| 23 | |
| | |
$ | 21 | | |
$ | 33 | |
|