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Stockholders' Equity (Tables)

12 Months Ended

Aug. 06, 2021

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Summary of Avenue Warrant Valued Using the Black-Scholes Option Pricing Method

date market price of the Company’s common stock. Interest expense incurred was $675 for the year ended December 31, 2021.

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:

		Years ended December 31,
		2021		2020
Expected terms (years)		5.13 - 6.27		5.77
Expected volatility		177.52% - 181.33%		181.00%
Risk-free interest rate		0.74% - 1.31%		0.27% - 0.40%
Expected dividends		0.00%		0.00%

Summary of Stock Option Activity

The following is a summary of stock option activity for the year ended December 31, 2021:

		Number of Options				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			671,750				10.07
Exercised			(439	)			9.85
Expired			(392	)			11.67
Cancelled/Forfeited			(16,958	)			10.59
Outstanding at December 31, 2021			1,732,460			$	11.69				9.1			$	—
Exercisable at December 31, 2021			600,113			$	12.08				9.0			$	—

Summary of Stock Option Shares Outstanding and Exercisable

The following table summarizes information for stock option shares outstanding and exercisable at December 31, 2021:

						Options Exercisable
Range of Exercise Prices		Outstanding Number of Options				Weighted Average Remaining Option Term (in years)				Number of Options
$9.58 - $10.99			631,211				9.6				153,733
$11.00 - $14.99			968,750				8.8				393,481
$15.00 - $24.99			132,000				8.8				52,400
$25 +			499				7.1				499
			1,732,460				9.0				600,113

Summary of Recognized Share-based Compensation Cost

At December 31, 2021, there was approximately $7,406 of aggregate unrecognized compensation expense related to employee and board stock option grants. The cost is expected to be recognized over a weighted average period of 2.01 years. For the years ended December 31, 2021 and 2020, the Company recognized compensation expense $7,832 and $3,505, respectively, related to stock options granted to employees and board members, which were charged to the statement of operations as detailed below:

		Years ended December 31,
		2021				2020
Selling, general and administrative		$	5,334			$	2,304
Research and development			2,311				1,110
Cost of goods sold			187				91
Total		$	7,832			$	3,505

Subsequent to December 31, 2021, the Company made aggregate ten-year option grants to purchase 545,083 shares of common stock with exercise prices ranging from $6.61 to $7.25 per share. Vesting occurs over a three-year period.

Summary of Warrant Activity

The following is a summary of warrant activity for the year ended December 31, 2021:

		Warrants				Weighted Average Exercise Price				Weighted Average Remaining Life (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			(11	)			10.00
Outstanding at December 31, 2021			3,894,498			$	9.27				3.2
Exercisable at December 31, 2021			3,894,498			$	9.27				3.2

Schedule of Information Related to Stock Warrants Outstanding and Exercisable

The following table presents information related to stock warrants at December 31, 2021:

						Warrants Exercisable
Range of Exercise Prices		Outstanding Number of Warrants				Weighted Average Remaining Warrants Term (in years)				Number of Warrants
$0.01			283,755				3.9				283,755
$10.00			3,610,743				3.2				3,610,743
			3,894,498				3.2				3,894,498

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