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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following is a summary of option activity under the Stock Incentive Plans and Inducement Plan (in thousands, except share and per share amounts):

 

 

 

Number of

Shares

 

 

Weighted-Average

Exercise Price Per

Share

 

 

Weighted-Average

Remaining

Contractual Term

(In years)

 

 

Aggregate Intrinsic

Value

 

Outstanding at December 31, 2021

 

 

197,171

 

 

$

143.96

 

 

 

7.09

 

 

$

51

 

Granted

 

 

33,520

 

 

 

21.50

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(25,608

)

 

 

42.64

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(11,863

)

 

 

119.60

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

193,220

 

 

$

137.64

 

 

 

6.78

 

 

$

 

Exercisable at September 30, 2022

 

 

127,461

 

 

$

186.38

 

 

 

5.90

 

 

$

 

Vested or expected to vest at September 30, 2022

 

 

182,864

 

 

$

143.27

 

 

 

6.66

 

 

$

 

Schedule of Estimated Assumptions Used to Calculate Weighted-Average Grant Date Fair Value of Options Granted There were no options exercised in the nine months ended September 30, 2022 and 1,566 options exercised in the nine months ended September 30, 2021. The weighted-average grant date fair values of stock options granted in the nine month periods ended September 30, 2022 and 2021 were $17.58 per share and $54.77 per share, respectively, and were calculated using the following estimated assumptions:

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

Weighted-average risk-free interest rate

 

 

2.27

%

 

 

0.92

%

Expected dividend yield

 

 

%

 

 

%

Expected volatility

 

 

106

%

 

 

104

%

Expected terms

 

6.0 years

 

 

6.0 years

 

Schedule of Nonvested Restricted Stock Units Activity

The following is a summary of restricted stock unit activity under the 2014 Plan:

 

 

 

Number of

Shares

 

 

Weighted-Average

Grant Date Fair

Value Per Share

 

Nonvested at December 31, 2021

 

 

142,434

 

 

$

91.77

 

Granted

 

 

160,575

 

 

 

22.79

 

Vested

 

 

(50,352

)

 

 

93.13

 

Forfeited

 

 

(28,355

)

 

 

42.40

 

Nonvested at September 30, 2022

 

 

224,302

 

 

$

48.32

 

Summary of Stock-Based Compensation Expense for Stock Options Granted that was Recorded in the Company's Results of Operations

The following table summarizes the stock-based compensation expense resulting from awards granted under Stock Incentive Plans, the Inducement Plan and the 2014 ESPP, that was recorded in the Company’s results of operations for the periods presented (in thousands):

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of product revenue

 

$

64

 

 

$

40

 

 

$

309

 

 

$

211

 

Research and development

 

 

230

 

 

 

269

 

 

 

851

 

 

 

707

 

Selling, general and administrative

 

 

1,060

 

 

 

2,114

 

 

 

4,280

 

 

 

4,655

 

Total stock-based compensation expense

 

$

1,354

 

 

$

2,423

 

 

$

5,440

 

 

$

5,573