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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Stock-Based Compensation. |
Stock-Based Compensation | Note 12—Stock-Based Compensation Our stock option plans provide for the grant of incentive and non-qualified stock options, restricted stock awards, RSUs, warrants and other stock awards to employees, non-employee directors and consultants. Stock-based compensation is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (In thousands)
Continuing operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | $ | 1,389 | ​ | $ | 1,390 | ​ | $ | 3,104 | ​ | $ | 2,840
Selling, general and administrative | ​ |  | 1,793 | ​ |  | 1,522 | ​ |  | 3,970 | ​ |  | 3,132
Total stock-based compensation in continuing operations | ​ | ​ | 3,182 | ​ | ​ | 2,912 | ​ | ​ | 7,074 | ​ | ​ | 5,972
Discontinued operations | ​ | ​ | (110) | ​ | ​ | 205 | ​ | ​ | (110) | ​ | ​ | 416
Total stock-based compensation | ​ | $ | 3,072 | ​ | $ | 3,117 | ​ | $ | 6,964 | ​ | $ | 6,388
​ The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to all stock option grants: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2022 | ​ | ​ | June 30, 2022
Estimated weighted-average fair value | ​ | $ | 1.90 | ​ | ​ | ​ | $ | 2.19 | ​
Weighted-average assumptions: | ​ |  | ​ | ​ | ​ | ​ |  | ​ | ​
Expected volatility | ​ |  | 82 | % | ​ | ​ |  | 82 | %
Expected life, in years | ​ |  | 5.8 | ​ | ​ | ​ |  | 5.8 | ​
Risk-free interest rate | ​ |  | 2.51 | % | ​ | ​ |  | 2.46 | %
Expected dividend yield | ​ |  | — | % | ​ | ​ |  | — | %
​ Stock option activity for all stock plans and related information is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Options | ​ | Price per | ​ | Contractual Life | ​ | Value
​ | ​ | Outstanding | ​ | Share | ​ | (In years) | ​ | (In thousands)
Balance at December 31, 2021 |  | 12,709,887 | ​ | $ | 12.61 |  |  |  | ​ |
Granted |  | 125,534 | ​ |  | 7.29 |  |  |  | ​ |
Exercised |  | (101,160) | ​ |  | 4.10 |  |  |  | ​ |
Forfeited |  | (367,273) | ​ |  | 13.96 |  |  |  | ​ |
Balance at June 30, 2022 |  | 12,366,988 | ​ | $ | 12.55 |  | 5.1 | ​ | $ | 46
Vested and expected to vest at June 30, 2022 |  | 12,106,495 | ​ | $ | 12.53 |  | 5.0 | ​ | $ | 42
Exercisable at June 30, 2022 |  | 9,865,506 | ​ | $ | 12.26 |  | 4.3 | ​ | $ | —
​ As of June 30, 2022, there were 2.5 million unvested options outstanding that will vest over a weighted-average period of 2.2 years. The total estimated compensation expense yet to be recognized on outstanding options is $20.0 million. ​ The Company has 204,500 shares of unvested RSUs outstanding as of June 30, 2022 that vest 50% on December 1, 2022 and 50% on December 1, 2023.

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