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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2021
Stockholders Equity Note [Abstract] |
Summary of Stock Option Activity | The following is a summary of stock option activity for the nine months ended September 30, 2021:
|  | Number of Option |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2021 |  |  | 1,078,499 |  |  | $ | 12.68 |  |  |  |  |  |  |
Granted |  |  | 621,750 |  |  |  | 10.02 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (2,000 | ) |  |  | 11.67 |  |  |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 1,698,249 |  |  | $ | 11.71 |  |  | 9.3 |  | $ | 260 |
Exercisable at September 30, 2021 |  |  | 443,729 |  |  | $ | 12.20 |  |  | 9.2 |  | $ | 39 |
Summary of Avenue Warrant Valued Using the Black-Scholes Option Pricing Method | The Avenue Warrant was valued at issuance at $1,309 using the Black-Scholes option pricing method using the following assumptions:
|  | August 6, |
|  | 2021 |
Contractual term (years) |  | 5.07 |
Expected volatility |  | 187.0% |
Risk-free interest rate |  | 0.77% |
Expected dividends |  | 0.00% |
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions during the reporting periods:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2021 |  |  | 2020 |  | 2021 |  |  | 2020
Expected term (years) |  | 5.1 - 6.3 |  |  | N.A. |  | 5.1 - 6.3 |  |  | N.A.
Expected volatility |  | 179.2% - 181.3% |  |  | N.A. |  | 178.3% - 181.3% |  |  | N.A.
Risk-free interest rate |  | 0.74% - 1.10% |  |  | N.A. |  | 0.74% - 1.10% |  |  | N.A.
Expected dividends |  | 0.00% |  |  | N.A. |  | 0.00% |  |  | N.A.
Summary of Stock Option Shares Outstanding and Exercisable | The following table summarizes information for stock option shares outstanding and exercisable at September 30, 2021
|  |  |  |  |  | Options Exercisable |
Range of Exercise Prices |  | Outstanding Number of Options |  |  | Weighted Average Remaining Option Term (in years) |  |  | Number of Options |
$9.85 - $10.99 |  |  | 621,750 |  |  | 9.9 |  |  |  | 94,445 |
$11.00 - $14.99 |  |  | 944,000 |  |  |  | 9.0 |  |  |  | 314,785 |
$15.00 - $24.99 |  |  | 132,000 |  |  |  | 9.0 |  |  |  | 34,000 |
$25.00 + |  |  | 499 |  |  | 7.3 |  |  |  | 499 |
|  |  | 1,698,249 |  |  | 9.2 |  |  |  | 443,729 |
Summary of Recognized Share-based Compensation Cost | The following is a summary of share-based compensation expense in the statement of operations for the three and nine months ended September 30, 2021
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of goods sold |  |  | 60 |  |  |  | — |  |  |  | 152 |  |  |  | — |
Research and development |  |  | 734 |  |  |  | — |  |  |  | 1,827 |  |  |  | 6 |
Selling, general and administrative |  |  | 1,655 |  |  |  | — |  |  | $ | 4,245 |  |  |  | 425 |
Total |  | $ | 2,449 |  |  | $ | — |  |  | $ | 6,224 |  |  |  | 431 |
Summary of Warrant Activity | The following is a summary of warrant activity for the nine months ended September 30, 2021:
|  | Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (in years) |
Outstanding at January 1, 2021 |  |  | 4,236,687 |  |  | $ | 9.13 |  |  |  |  |
Warrants issued |  |  | 127,755 |  |  |  | 0.01 |  |  |  |  |
Warrants exercised |  |  | (469,933 | ) |  |  | 5.88 |  |  |  |  |
Warrants expired |  |  | — |  |  |  | — |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 3,894,509 |  |  | $ | 9.27 |  |  |  | 3.5 |
Exercisable at September 30, 2021 |  |  | 3,894,509 |  |  | $ | 9.27 |  |  |  | 3.5 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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