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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of stockholders' equity note, warrants or rights As of March 31, 2022 and 2021, we had the following outstanding warrants to purchase shares of common stock:
As of March 31, 2022
As of March 31, 2021
Number of Underlying SharesExercise PriceExpiration
Investor Warrants187,734269,180$3.3700January 13, 2025
Placement Agent Warrants41,68041,680
$4.9940
January 13, 2025
229,414310,860
Summary of stock-based compensation expense The following table summarizes stock-based compensation expense and the impact it had on operations for the periods presented (in thousands):
Three months ended
March 31,
20222021
Cost of sales$$
Product development
Selling, general, and administrative37 132 
Total stock-based compensation$44 $140 
Schedule of valuation assumptions Estimates utilized in the calculation include the expected life of the option, risk-free interest rate, and expected volatility, and are further detailed below.
Three months ended
March 31,
20222021
Fair value of options issued$1.17 $4.26 
Exercise price$1.48 $5.51 
Expected life of options (in years)6.16.2
Risk-free interest rate1.9 %0.8 %
Expected volatility99.2 %96.3 %
Dividend yield0.0 %0.0 %
Summary of option activity A summary of option activity under all outstanding stock incentive plans for the three months ended March 31, 2022 is presented as follows:
Number of
Options
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Life (in years)
Balance at December 31, 2021267,109 $3.46 
Granted60,000 1.48 
Canceled/forfeited(58,100)2.88 
Balance at March 31, 2022269,009 $3.15 8.4
Vested and expected to vest at March 31, 2022229,323 $3.19 8.2
Exercisable at March 31, 2022113,027 $3.37 7.5
Summary of restricted stock activity A summary of restricted stock unit activity under all outstanding stock incentive plans for the three months ended March 31, 2022 is presented as follows:
Restricted
Stock Units
Weighted
Average
Grant
Date
Fair Value
Weighted
Average
Remaining
Contractual
Life (in years)
Balance at December 31, 20212,400 $7.14 
Granted40,000 1.40 
Balance at March 31, 202242,400 $1.72 1.3