XML 71 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
Year Ended December 31,
202320222021
Cost of sales$3,417 $1,032 $— 
Research and development41,211 66,565 86,928 
Selling, general, and administrative40,729 62,703 96,698 
Total stock-based compensation expense$85,357 $130,300 $183,626 
Schedule of Option and Appreciation Rights Activity
The following is a summary of stock options and SARs activity under the 2023 Inducement Plan, 2015 Plan and the 2005 Plan for the year ended December 31, 2023:
 2023 Inducement Plan2015 Plan2005 Plan
 Stock OptionsWeighted-
Average
Exercise
Price
Stock Options & SARs
Weighted-
Average
Exercise
Price
Stock
Options
Weighted-
Average
Exercise
Price
Outstanding at January 1, 2023— $— 4,053,290 $46.07 63,725 $112.94 
Granted422,800 $10.67 1,021,596 $7.04 — $— 
Exercised— $— (9,483)$6.07 — $— 
Canceled— $— (278,361)$41.38 (5,450)$39.70 
Outstanding at December 31, 2023422,800 $10.67 4,787,042 $38.10 58,275 $119.79 
Shares exercisable at December 31, 2023— $— 3,436,339 $41.51 58,275 $119.79 
Schedule of Assumptions Used in Estimation of Fair Value of Stock
The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Year Ended December 31,
 202320222021
Weighted average Black-Scholes fair value of stock
options and SARs granted
$7.00$55.32$158.02
Risk-free interest rate
3.5%-4.8%
1.4%-4.3%
0.5%-1.3%
Dividend yield—%—%—%
Volatility
120.4%-140.3%
120.5%-140.1%
124.7%-142.0%
Expected term (in years)
3.9-6.4
4.0-6.3
4.1-6.1
Schedule of Restricted Stock Units Activity
The following is a summary of RSU activity for the year ended December 31, 2023:
2023 Inducement Plan2015 Plan
 Number of
Shares
Per Share
Weighted-
Average
Fair Value
Number of
Shares
Per Share
Weighted-
Average
Fair Value
Outstanding and unvested at January 1, 2022— $— 2,034,574 $61.65 
Restricted stock units granted363,990 $10.66 3,314,452 $7.06 
Restricted stock units vested— $— (696,553)$73.73 
Restricted stock units forfeited— $— (937,603)$27.04 
Outstanding and unvested at December 31, 2023363,990 $10.66 3,714,870 $19.43