Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in

thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	998	$	—	$	1,516	$	—
Research and development	9,946		19,695		23,804		36,582
Selling, general, and administrative	9,348		18,353		23,619		34,399
Total stock-based compensation expense	$	20,292	$	38,048	$	48,939	$	70,981

Schedule of option and appreciation rights activity

The following is a summary of stock options and SARs activity under the 2023 Inducement Plan, 2015 Plan, and 2005 Plan for the six months ended June 30, 2023:

	2023 Inducement Plan			2015 Plan			2005 Plan
	Stock Options	Weighted-Average Exercise Price		Stock Options	Weighted-Average Exercise Price		Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2022	—	$	—	4,053,290	$	46.07	63,725	$	112.94
Granted	358,600	10.96		860,872	7.29		—	—
Exercised	—	—		(5,031)	6.81		—	—
Canceled	—	—		(63,839)	51.41		(5,250)	36.60
Outstanding at June 30, 2023	358,600	$	10.96	4,845,292	$	39.15	58,475	$	119.80
Shares exercisable at June 30, 2023	—	$	—	3,295,810	$	40.62	58,475	$	119.80

Schedule of assumptions used in estimation of fair value of stock

The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of

grant using the Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted average Black-Scholes fair value of stock options granted	$6.79	$43.21	$7.24	$62.52
Risk-free interest rate	3.5%-3.9%	2.7%-3.2%	3.5%-4.0%	1.4%-3.2%
Dividend yield	—%	—%	—%	—%
Volatility	120.4%-131.3%	120.5%-136.7%	120.4%-140.3%	120.5%-136.7%
Expected term (in years)	3.9-6.4	4.0-6.2	3.9-6.4	4.0-6.2

Schedule of share based compensation restricted stock awards activity

The following is a summary of RSU activity for the six months ended June 30, 2023:

	2023 Inducement Plan			2015 Plan
	Number of Shares	Per Share Weighted- Average Fair Value		Number of Shares	Per Share Weighted- Average Fair Value
Outstanding and unvested at December 31, 2022	—	$	—	2,034,574	$	61.67
Granted	308,390	$	10.96	2,767,475	7.23
Vested	—	$	—	(307,653)	82.94
Forfeited	—	$	—	(637,727)	29.46
Outstanding and unvested at June 30, 2023	308,390	$	10.96	3,856,669	$	26.23