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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows:
 
Three Months Ended March 31,
(in thousands)20212020
Included in research and development expense$40 $77 
Included in selling, general and administrative expense228 100 
Total stock-based compensation expense$268 $177 
Schedule of Assumptions to Estimate Fair Value 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 with the following weighted-average assumptions during the following periods indicated:
 
Three Months Ended March 31,
20212020
Risk-free interest rate
(1)
1.8 %
Dividend yield
(1)
%
Expected volatility of Cardiff Oncology common stock
(1)
102.0 %
Expected term
(1)
6.0 years
(1)No stock options were granted during the period.
Summary of Stock Option Activity and of Changes in Stock Options Outstanding
A summary of stock option activity and changes in stock options outstanding is presented below:
 
Total OptionsWeighted-Average
Exercise Price
Per Share
Intrinsic
Value
Balance outstanding, December 31, 20201,860,507 $7.43 $27,963,363 
Canceled / Forfeited(10,770)$2.55  
Balance outstanding, March 31, 20211,849,737 $7.46 $12,125,293 
Exercisable at March 31, 2021756,300 $14.61 $4,739,794 
Vested and expected to vest at March 31, 20211,768,104 $7.68 $11,572,933 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the RSU activity is presented below:
Total Restricted Stock UnitsWeighted-Average
Grant Date Fair Value
Per Share
Intrinsic Value
Non-vested RSUs outstanding, December 31, 2020491 $147.60 $8,833 
Vested(491)$147.60 
Non-vested RSUs outstanding, March 31, 2021— $— $— 
Summary of Warrant Activity and Changes in Warrants Outstanding
A summary of warrant activity and changes in warrants outstanding, including both liability and equity classifications is presented below:
 
Total WarrantsWeighted-Average
Exercise Price
Per Share
Weighted-Average
Remaining Contractual
Term
Balance outstanding, December 31, 20205,260,992 $5.19 4.1 years
Exercised(770,833)$1.64 
Balance outstanding, March 31, 20214,490,159 $5.80 3.7 years
Schedule of Preferred Stock
A summary of our Company's classes of preferred stock is presented below:
Shares outstanding
ClassPar valueShares designatedLiquidation preferenceAs of March 31,
2021
As of December 31,
2020
Series A Convertible Preferred Stock$0.001 277,100 $606,000 60,600 60,600 
Series B Convertible Preferred Stock$0.001 8,860 None— — 
Series C Convertible Preferred Stock$0.001 200,000 None— — 
Series D Convertible Preferred Stock$0.0001 154,670 None— — 
Series E Convertible Preferred Stock$0.001 865,824 None655,044 655,044