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Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Public and Private Placements
Common Purchase Agreement
On March 27, 2023, the Company entered into a securities purchase agreement (the “Common Purchase Agreement”) with the Company’s Chief Executive Officer, Gerard Michel, pursuant to which the Company agreed to issue and sell, in a private placement (the “Common Offering”) shares of common stock, tranche A warrants (“Common Tranche A Warrants”) to acquire 31,110 shares of common stock, tranche B warrants (“Common Tranche B Warrants”, together with the Common Tranche A Warrants, the “Common Warrants”) to acquire 16,666 shares of common stock. On March 29, 2023, the Company closed the Common Offering.
The aggregate exercise price of the Common Tranche A Warrants issued pursuant to the Common Offering is approximately $0.1 million.
On August 14, 2023, the Company announced the receipt of the FDA Approval and all Common Tranche A Warrants were exercised and converted into 31,110 shares of common stock.
The aggregate exercise price of the Common Tranche B Warrants issued in the Common Offering is approximately $0.1 million. The Common Tranche B Warrants are exercisable for an aggregate of 16,666 shares of common stock until the earlier of 21 days following the Company’s announcement of receipt of recording at least $10 million in quarterly U.S. revenue from the commercialization of HEPZATO and March 31, 2026.
The Company determined that the outstanding Common Warrants should be liability-classified. See “Note 1 – Warrant Liabilities” for a discussion of the accounting treatment of the Common Warrants and Preferred Warrants.
Registration Rights for Preferred and Common Offerings
Pursuant to the Preferred Purchase Agreement and the Common Purchase Agreement (collectively, the “Purchase Agreements”), the Company filed a registration statement on Form S-3 (the “Resale Registration Statement”) providing for
the resale by the investors party thereto of the common stock issuable upon conversion of the Registrable Shares (as defined in the Purchase Agreements). The Resale Registration Statement became effective on June 28, 2023.
There is no established public trading market for the Series F Preferred Stock, the Preferred Warrants, or the Common Warrants and the Company does not intend to list such securities on any national securities exchange or nationally recognized trading system.
At-the-Market Offering
The Company has entered into a Controlled Equity OfferingSM Sales Agreement (“ATM Sales Agreement”), with Cantor Fitzgerald & Co. (the “Sales Agent”), pursuant to which the Company may offer and sell, at its sole discretion through the Sales Agent, shares of common stock having an aggregate offering price of up to $17.0 million. To date, the Company has sold approximately $4.0 million of its common stock, prior to issuance costs, under the ATM Sales Agreement. No sales were made during the three and nine months ended September 30, 2023.
Authorized Shares
In June 2023, stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the total number of shares of its common stock authorized for issuance from 40 million shares to 80 million shares. The Company is authorized to issue 80 million shares of common stock, $0.01 par value, and 10 million shares of preferred stock, $0.01 par value. As of September 30, 2023, the Company has designated the following preferred stock:

Designated Preferred SharesSeptember 30, 2023
Series A4,200 
Series B2,360 
Series C590 
Series D10,000 
Series E 40,000 
Series E-112,960 
Series F-1 24,900 
Series F-224,900 
Series F-334,860 
Series F-424,900 
Total179,670 
Preferred Stock
As of September 30, 2023, there were an aggregate of 11,257 shares of Series E and Series E-1, 4,903 Series F-2 and 21,627 Series F-3 Convertible Preferred Stock outstanding, respectively.
Omnibus Equity Incentive Plan
On September 30, 2020, the Company’s 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) was adopted by the Company’s Board of Directors. On November 23, 2020, the Company’s stockholders approved the 2020 Plan. The 2020 Plan will continue in effect until the tenth anniversary of the date of its adoption by the Board or until earlier terminated by the Board. The 2020 Plan is administered by the Board of Directors or a committee designated by the Board of Directors. On June 12, 2023, the stockholders approved the amendment to the Company’s 2020 Plan to increase the number of shares of common stock available under the plan by 2.65 million shares. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, as well as other stock-based awards or cash awards that are deemed to be consistent with the purposes of the plan to Company employees, directors and consultants. As of September 30, 2023, there are 5,125,000 shares of common stock reserved under the 2020 Plan, of which 1,802,841 remained available to be issued.
In addition to options granted from the 2020 Plan, the Company also grants employment inducement grants pursuant to Listing Rule 5635(c) of the corporate governance rules of the NASDAQ Stock Market. These inducement grants are intended to provide incentive to certain individuals to enter into employment with the Company. Inducement grants are
granted outside of the 2020 Plan, however they are governed in all respects as if they were issued under the 2020 Plan. These grants do not reduce the number of options available for issuance under the 2020 Plan.
Stock Options
The following tables include information for all options granted including inducement grants that are granted outside of the 2020 Plan.
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions, on a weighted-average basis, during the reporting periods:
 Nine Months Ended September 30,
 20232022
Expected terms (years)5.75.4
Expected volatility160.4%164.3%
Risk-free interest rate3.99%1.86%
Expected dividends0.00%0.00%
The following is a summary of stock option activity for the nine months ended September 30, 2023:
Number of Options Weighted Average
Exercise Price Per Share		Weighted Average
Remaining
Contractual Term
(in years)		Aggregate Intrinsic
Value
Outstanding at January 1, 20232,235,052$10.30 7.8$35,875 
Granted2,122,7576.08 9.1
Exercised(819)4.67 
Expired(115,772)8.80 
Cancelled/Forfeited(104,390)7.22 
Outstanding at September 30, 20234,136,828$8.26 8.5$72,850 
Exercisable at September 30, 20232,020,026$10.29 7.7$— 
The following table summarizes information for stock option shares outstanding and exercisable at September 30, 2023:
Options Outstanding
Range of Exercise PricesOutstanding Number of
Options		Weighted Average
Remaining Option Term
(in years)		Number of Options
$2.83 - $51.50
4,136,3298.54,136,329
$51.50+
4995.3499
4,136,8288.54,136,828
The following is a summary of share-based compensation expense in the statement of operations for the three and nine months ended September 30, 2023:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Selling, general and administrative$1,674 $1,117 $3,774 $3,984 
Research and development1,027 458 2,095 1,872 
Cost of goods sold129 52 283 160 
Total$2,830 $1,627 $6,152 $6,016 
At September 30, 2023, there was $7.7 million of aggregate unrecognized compensation expense related employee and board stock option grants. The cost is expected to be recognized over a weighted average period of 2.4 years.
Common Stock Warrants
The following is a summary of common stock warrant activity for the nine months ended September 30, 2023:
 Warrants
Weighted Average Exercise Price
Weighted Average
Remaining Life
(in years)
Outstanding at January 1, 20235,153,291$7.01 
Warrants issued81,8482.94 
Warrants exercised(569,938)0.26 
Outstanding at September 30, 20234,665,201$7.76 1.9
Exercisable at September 30, 20234,665,201$7.76 1.9
The following table presents information related to common stock warrants outstanding at September 30, 2023:
Warrants Exercisable
Range of Exercise PricesOutstanding
Number of
Warrants		Weighted Average
Remaining Warrant Term
(in years)		Number of Warrants
$0.011,037,7923.41,037,792
$6.00
16,6662.516,666
$10.003,610,7431.43,610,743
4,665,2011.94,665,201
As of September 30, 2023, there were 538,828 warrants priced at $0.01 and 31,110 warrants priced at $4.50 exercised for 569,938 common shares.
Preferred Stock Warrants
The following is a summary of preferred stock warrant activity for the nine months ended September 30, 2023:
WarrantsWeighted Average Exercise PriceWeighted Average
Remaining Life
(in years)
Outstanding at January 1, 2023— $— 
Warrants issued59,7591,000 
Warrants exercised(34,859)1,000 
Outstanding at September 30, 202324,900$1,000 2.5
Exercisable at September 30, 202324,900$1,000 2.5
Employee Stock Purchase Plan
In August 2021, the Company’s Board of Directors, with shareholder approval in May 2022, adopted the Employee Stock Purchase Plan (the “ESPP”). The ESPP provides for a maximum of 260,295 shares of common stock to be purchased by participating employees. Employees who elect to participate in the ESPP will be able to purchase common stock at the lower of 85% of the fair market value of common stock on the first or last day of the applicable six-month offering period. In January 2023, an aggregate of 15,417 shares were purchased by participating employees for the offering period of July 1, 2022 to December 31, 2022. In July 2023, an aggregate of 26,018 shares were purchased by participating employees for the offering period of January 1, 2023 to June 30, 2023.