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Stockholders' Equity (Tables)

3 Months Ended

Aug. 06, 2021

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

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

The Avenue Warrant was valued at issuance at $1.3 million 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 March 31,
		2022			2021
Expected terms (years)			5.46 - 6.46		N/A
Expected volatility			174.81% - 177.09	%	N/A
Risk-free interest rate			1.75% - 1.90	%	N/A
Expected dividends			0.00	%	N/A

Summary of Stock Option Activity

The following is a summary of stock option activity for the three months ended March 31, 2022:

		Number of Option				Weighted Average Exercise Price Per Share				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Outstanding at January 1, 2022			1,732,460			$	11.69
Granted			549,333				7.10
Expired			(6,650	)			10.88
Cancelled/Forfeited			(37,040	)			10.42
Outstanding at March 31, 2022			2,238,103			$	10.60				9.2			$	—
Exercisable at March 31, 2022			766,619			$	11.83				8.7			$	—

Summary of Stock Option Shares Outstanding and Exercisable

The following table summarizes information for stock option shares outstanding and exercisable at March 31, 2022:

						Options Exercisable
Range of Exercise Prices		Outstanding Number of Options				Weighted Average Remaining Option Term (in years)				Number of Options
$6.61 - $9.99			825,256				9.2				110,389
$10.00 - $14.99			1,280,348				8.7				592,317
$15.00 - $24.99			132,000				8.5				63,414
$25 +			499				6.8				499
			2,238,103				8.7				766,619

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 months ended March 31, 2022 (in thousands):

		Three months ended March 31,
		2022				2021
Selling, general and administrative		$	919			$	1,466
Research and development			503				630
Cost of goods sold			52				52
Total		$	1,474			$	2,148

Summary of Warrant Activity

The following is a summary of warrant activity for the three months ended March 31, 2022:

		Warrants				Weighted Average Exercise Price				Weighted Average Remaining Life (in years)
Outstanding at January 1, 2022			3,894,498			$	9.27
Warrants issued			—				—
Warrants exercised			—				—
Warrants expired			—				—
Outstanding at March 31, 2022			3,894,498			$	9.27				3.0
Exercisable at March 31, 2022			3,894,498			$	9.27				3.0

Schedule of Information Related to Stock Warrants Outstanding and Exercisable

The following table presents information related to stock warrants at March 31, 2022

						Warrants Exercisable
Range of Exercise Prices		Outstanding Number of Warrants				Weighted Average Remaining Warrant Term (in years)				Number of Warrants
$0.01			283,755				3.7				283,755
$10.00			3,610,743				2.9				3,610,743
			3,894,498				3.0				3,894,498

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Schedule of Information Related to Stock Warrants Outstanding and Exercisable.

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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 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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