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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY |
8. | STOCKHOLDERS’ EQUITY
Preferred Stock The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at September 30, 2024 and December 31, 2023. Common Stock As of September 30, 2024 and December 31, 2023, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 236,378,607 and 226,063,032 shares of common stock were outstanding as of September 30, 2024 and December 31, 2023, respectively. After giving effect to the 27,759,065 shares reserved for outstanding warrants and awards issued or reserved for future issuance under the Company’s equity incentive plans, as of September 30, 2024 there were 35,862,328 shares of common stock available for issuance. Warrants On January 10, 2024, a former noteholder of the Company exercised a warrant to purchase 4 million shares of the Company’s common stock on a cashless basis and the Company issued 1,977,514 shares of common stock to this noteholder. On March 8, 2024 Hayfin and its affiliates exercised warrants to purchase an aggregate of 3,388,681 shares of the Company’s common stock on a cashless basis and the Company issued 2,482,205 shares of common stock to Hayfin and its affiliates. On March 14, 2024 an entity associated with another former noteholder of the Company exercised a warrant to purchase 169,651 shares of the Company’s common stock on a cashless basis and the Company issued 85,784 shares of common stock to this entity. On May 9, 2024 Hayfin and its affiliates exercised warrants to purchase an aggregate of 1,787,424 shares of the Company’s common stock on a cashless basis and the Company issued 937,507 shares of common stock to Hayfin and its affiliates. On August 15, 2024 Hayfin and its affiliates exercised warrants to purchase an aggregate of 1,962,946 shares of the Company’s common stock on a cashless basis and the Company issued an aggregate of 1,741,882 shares of common stock to Hayfin and its affiliates. On February 24, 2024 a warrant to purchase 34,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with its terms. At September 30, 2024 and December 31, 2023, the Company had outstanding warrants to purchase an aggregate of 1,159,404 and 12,502,906 shares of common stock, respectively, with weighted-average exercise prices of $2.26 and $2.32 per share, respectively, with expiration dates ranging between October 2024 and May 2030. The following table summarizes the changes in warrants outstanding for the nine months ended September 30, 2024:
|  | Shares |  |  | Weighted Average Exercise Price |
Warrants outstanding at December 31, 2023 |  |  | 12,502,906 |  |  | $ | 2.32 |
Expired |  |  | (34,800 | ) |  | $ | 7.50 |
Granted |  |  | - |  |  | $ | - |
Exercised |  |  | (11,308,702 | ) |  | $ | 2.31 |
Warrants outstanding at September 30, 2024 |  |  | 1,159,404 |  |  | $ | 2.26 |
Equity Incentive Plans The fair value of stock options granted under the Company’s equity incentive plans was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of certain subjective assumptions including the expected stock price volatility. The stock options granted to employees and directors have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2024 and 2023:
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Expected term |  | 5.5 - 6.3 years |  |  | 5.5 - 6.3 years |
Volatility |  | 66% |  |  | 68% |
Dividend yield |  | 0.0 |  |  | 0.0 |
Risk-free interest rate |  | 4.16-4.34% |  |  | 4.20-4.24% |
During the nine months ended September 30, 2024 and 2023, the Company granted options to purchase an aggregate of 1,511,624 and 1,727,510 shares of common stock, respectively, to its directors and employees. The weighted-average remaining contractual life of stock options outstanding and expected to vest at September 30, 2024 is 7.5 years. The weighted-average remaining contractual life of stock options exercisable at September 30, 2024 is 6.2 years. During the nine months ended September 30, 2024, options to purchase an aggregate of 1,925,498 shares of common stock were exercised, which included certain exercise transactions for which an aggregate of 31,219 shares were withheld to cover the exercise price and income tax liabilities, and the Company received aggregate net exercise proceeds of $7.1 million. A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:
|  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding, vested and expected to vest at December 31, 2023 |  |  | 5,906,184 |  |  | $ | 3.38 |
Forfeited |  |  | (15,723 | ) |  | $ | 1.94 |
Expired |  |  | (221,067 | ) |  | $ | 7.34 |
Granted |  |  | 1,511,624 |  |  | $ | 6.25 |
Exercised |  |  | (1,925,498 | ) |  | $ | 3.85 |
Options outstanding, vested and expected to vest at September 30, 2024 |  |  | 5,255,520 |  |  | $ | 3.87 |
Options exercisable |  |  | 2,509,884 |  |  | $ | 3.10 |
As of September 30, 2024, the Company had $7.4 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.9 years. During the nine months ended September 30, 2024 and 2023, the Company granted RSUs representing an aggregate of 3,227,188 and 3,345,760 shares, respectively, to certain employees of the Company and to members of its Board of Directors. These RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. During the nine months ended September 30, 2024, an aggregate of 1,701,229 shares of common stock vested in connection with grants of RSUs. With respect to these vested RSUs, 504,825 shares valued at approximately $4.3 million were withheld by the Company to cover employees’ tax liabilities. These shares were no longer outstanding as of September 30, 2024. A summary of the Company’s unvested RSU activity and related information is as follows:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Balance at December 31, 2023 |  |  | 4,657,297 |  |  | $ | 2.81 |
Granted |  |  | 3,227,188 |  |  | $ | 7.25 |
Vested |  |  | (1,701,229 | ) |  | $ | 2.59 |
Forfeited |  |  | (211,688 | ) |  | $ | 3.57 |
Balance at September 30, 2024 |  |  | 5,971,568 |  |  | $ | 5.25 |
As of September 30, 2024, the Company had $27.4 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 3.2 years. Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and nine months ended September 30, 2024 and 2023 is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 24 |  |  | $ | 12 |  |  | $ | 65 |  |  | $ | 27 |
Plasma center operating expenses |  |  | 44 |  |  |  | 41 |  |  |  | 131 |  |  |  | 104 |
Selling, general and administrative |  |  | 2,714 |  |  |  | 1,451 |  |  |  | 6,960 |  |  |  | 3,839 |
Cost of product revenue |  |  | 397 |  |  |  | 191 |  |  |  | 1,027 |  |  |  | 472 |
Total stock-based compensation expense |  | $ | 3,179 |  |  | $ | 1,695 |  |  | $ | 8,183 |  |  | $ | 4,442 |

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