Stock Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Stock Compensation |
|
| Schedule of share-based compensation expense recognized |
The estimated grant date fair value of the Company’s share-based awards is amortized on a straight-line basis over the awards’ service periods. Share based compensation expense recognized was as follows (in thousands): | | | | | | | | | | Nine Months Ended September 30, | | | | 2023 | | 2022 | | Research and development | | $ | 444 | | $ | 672 | | Selling, general and administrative | | | 1,753 | | | 2,257 | | Cost of goods sold | | | — | | | (2) | | Total stock-based compensation | | $ | 2,197 | | $ | 2,927 | |
|
| Summary of stock option activity |
| | | | | | | | | | Options Outstanding | | | | | | | | Weighted | | | | | | | | Average | | | | | Weighted | | Remaining | | | | | Average | | Contractual | | | Number of | | Exercise | | Term | | | Shares | | Price | | (in years) | Balance, December 31, 2022 | | 351,709 | | $ | 49.15 | | 6.94 | Granted | | 130,150 | | | 1.01 | | | Forfeited/Cancelled | | (51,060) | | | 47.51 | | | Balance, September 30, 2023 | | 430,799 | | $ | 34.80 | | 7.12 | Vested or expected to vest at September 30, 2023 | | 430,799 | | $ | 34.80 | | 7.12 | Exercisable at September 30, 2023 | | 263,962 | | $ | 48.18 | | 5.87 |
|
| Schedule of weighted-average assumptions: |
| | | | | | | | | September 30, | | | | | 2023 | | 2022 | | | Expected term of options (in years) | | 5.7 | | 5.7 | | | Risk-free interest rate | | 3.9 | % | 2.7 | % | | Expected volatility | | 110.3 | % | 98.0 | % | | Dividend yield | | — | % | — | % | |
|
| Schedule of changes in the status of non-vested RSU |
| | | | | | | | | | | | | | | | Weighted | | | | | Average | | | Number of | | Grant Date | | | Awards | | Fair Value | Non-vested at December 31, 2022 | | 366,777 | | $ | 10.43 | Granted | | 500,000 | | | 1.78 | Vested | | (3,025) | | | 24.55 | Forfeited/Cancelled | | (82,792) | | | 5.73 | Non-vested at September 30, 2023 | | 780,960 | | $ | 7.90 |
|
| Schedule of shares available to be granted under equity incentive plans |
At September 30, 2023, the Company has the following shares available to be granted under its equity incentive plans: | | | | | | | | | Inducement | | | 2023 Plan | | Plan | Available at December 31, 2022 | | 404,807 | | 12,000 | Authorized | | 1,287,958 | | — | Granted | | (630,150) | | — | Shares withheld for taxes not issued | | 794 | | — | Forfeited/Cancelled | | 133,852 | | — | Available at September 30, 2023 | | 1,197,261 | | 12,000 |
|
| Schedule of shares of common stock reserved/available |
At September 30, 2023, the Company has reserved the following shares of common stock for issuance: | | | Stock options outstanding under 2013 Plan | | 306,349 | Stock options outstanding under 2023 Plan | | 116,450 | Restricted stock units outstanding under 2013 Plan | | 780,960 | Stock options outstanding under Inducement Plan | | 8,000 | Warrants outstanding | | 3,145,394 | Total shares of common stock reserved for future issuance | | 4,357,153 |
|