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Share-based compensation and stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Share-based Payment Award, Valuation Assumptions, Stock Options Granted

The Company utilizes the Black-Scholes valuation model for estimating the fair value of stock options granted. The exercise price of each option must be not less than 100% of the fair market value of the shares underlying such option on the date of grant. Options granted under the Emergent Plan and the Inducement Plan have a contractual life of seven years. Set forth below are the assumptions used in valuing the stock options granted:

			Year Ended December 31,
			2024						2023						2022
Expected dividend yield			0		%				0		%				0		%
Expected volatility			78%-96%						63%-69%						54%-62%
Risk-free interest rate			3.43%-4.67%						4.00%-4.46%						1.54%-4.31%
Expected average life of stock options			4.8 years						4.5 years						4.5 years

The Company utilized the Monte Carlo valuation model for estimating the fair value of performance stock options granted. Set forth below are the assumptions used in valuing the performance stock options granted:

			Year Ended December 31,
			2024						2023						2022
Expected dividend yield			0		%				—						—
Expected volatility			67.1		%				—						—
Risk-free interest rate			4.20%						—						—
Expected average life of performance stock options			4.7 years						—						—

Summary of Stock Option Award Activity

The following is a summary of stock option and performance stock option award activity under the Emergent Plan and the Inducement Plan:

			Number of Shares						Weighted-Average Exercise Price						Weighted Average Remaining Contractual Term (in Years)						Aggregate Intrinsic Value
Stock options outstanding at December 31, 2023			1.1						$	34.44
Stock options granted (1)			5.0						$	2.67
Stock options exercised			(0.1)						$	8.43
Stock options forfeited			(1.0)						$	4.44
Stock options expired			(0.2)						$	50.57
Stock options outstanding at December 31, 2024			4.8						$	7.61					5.9						$	28.3
Stock options exercisable at December 31, 2024			0.5						$	45.12					3.2						$	0.1
(1) Includes 0.8 million performance stock options that were granted in 2024 with a weighted average exercise price of $2.33 and are not exercisable as of December 31, 2024.

Schedule of Nonvested Restricted Stock Units Activity

The following is a summary of performance stock unit and restricted stock unit award activity under the Emergent Plan and the Inducement Plan:

			Number of Shares						Weighted-Average Grant Date Fair Value						Aggregate  Intrinsic Value
Stock awards outstanding at December 31, 2023			2.6						$	16.57					$	6.20
Stock awards granted			0.2						$	6.46
Stock awards released			(1.0)						$	20.62
Stock awards forfeited (1)			(0.6)						$	14.45
Stock awards outstanding at December 31, 2024			1.2						$	12.01					$	11.60
(1) Performance stock units forfeited during the year ended December 31, 2024 are included at the target payout percentage, or 100%, of shares granted.

Summary of Stock-Based Compensation Expense

Share-based compensation expense, net of forfeitures was recorded in the following financial statement line items:

			Year Ended December 31,
			2024						2023						2022
Cost of Commercial Product sales			$	—					$	0.1					$	0.8
Cost of MCM Product sales			1.8						3.8						6.5
Cost of Bioservices			0.2						1.0						1.8
R&D			1.1						2.0						5.4
Selling, general and administrative			14.9						16.2						30.6
Total share-based compensation expense			$	18.0					$	23.1					$	45.1

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 2024, the Company had the following Warrants outstanding to acquire shares of its common stock:

			Warrants Outstanding			Range of Exercise  Price per Share			Expiration Date
Warrants issued related to the Term Loan Agreement			2.5			$9.88 - $15.72			August 2029
Total			2.5

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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