10. RESTRICTED STOCK UNITS

A summary of restricted stock unit activity for the nine months ended September 30, 2023 is presented below.

 SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY

On September 28, 2023, the Company granted 136,986 restricted stock units to its interim Chief Financial Officer. The restricted stock units vest annually through September 28, 2027. These restricted stock units were valued based on the closing price of the Company’s common stock on the date of issuance and had an aggregate grant date fair value of $100, which is being amortized as share-based compensation expense over the vesting term.

The total fair value of restricted stock units that vested or deemed vested during the nine months ended September 30, 2023 was $1,077. The share-based compensation expense recognized relating to the vesting of restricted stock units for the three and nine months ended September 30, 2023 amounted to $130 and $970, respectively. As of September 30, 2023 the amount of unvested compensation related to issuances of restricted stock units was $718 which will be recognized as an expense in future periods as the shares vest. When calculating basic net loss per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net loss per share, these shares are included in weighted average common shares outstanding as of their grant date.