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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Stock-Based Compensation. |
Stock-Based Compensation | Note 13—Stock-Based Compensation Our equity plans provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance units, performance shares and other stock and cash awards to employees and consultants. Stock options are granted with an exercise price not less than the fair market value of Omeros’ common stock on the date of the grant. Any unexercised options expire 10 years from grant date, and any unvested stock options granted which are subsequently canceled become available for future reissuance. Vesting schedules for our equity plans generally are as follows:
​ | ​ | ​
Grant Type |  | Vesting Schedule
Employee initial options grants |  | 25% at one-year anniversary, 1/48 monthly thereafter
Employee recurring options grants |  | 1/48 monthly
Non-employee consultant options grants |  | 1/12 or 1/48 monthly
Employee RSUs | ​ | 50% after one year, 50% after two years
​ Stock-based compensation expense is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Continuing operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | $ | 6,123 | ​ | $ | 6,791 | ​ | $ | 6,163
Selling, general and administrative | ​ |  | 8,042 | ​ |  | 8,154 | ​ |  | 7,614
Total stock-based compensation in continuing operations | ​ | ​ | 14,165 | ​ | ​ | 14,945 | ​ | ​ | 13,777
Discontinued operations | ​ | ​ | (93) | ​ | ​ | 2,685 | ​ | ​ | 1,148
Total stock-based compensation | ​ | $ | 14,072 | ​ | $ | 17,630 | ​ | $ | 14,925
​ In November 2020 and 2021, respectively, restricted stock awards totaling 14,000 shares with a fair value of $11.05 per share and 11,700 shares with a fair value of $7.80 per share were granted to OMIDRIA sales employees. The awards vested immediately. 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 stock option grants during the periods ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Estimated weighted-average fair value | ​ | $ | 2.94 | ​ | ​ | $ | 10.54 | ​ | ​ | $ | 8.19 | ​
Weighted-average assumptions: | ​ |  | ​ | ​ | ​ |  |  | ​ | ​ |  |  | ​
Expected volatility | ​ |  | 90 | % | ​ |  | 81 | % | ​ |  | 77 | %
Expected life, in years | ​ |  | 6.0 | ​ | ​ |  | 6.0 | ​ | ​ |  | 6.0 | ​
Risk-free interest rate | ​ |  | 2.83 | % | ​ |  | 1.06 | % | ​ |  | 1.06 | %
Expected dividend yield | ​ |  | — | % | ​ |  | — | % | ​ |  | — | %
​ Expected volatility is based on the historical volatility of our stock price weighted by grant issuances over the reporting period. We use the simplified method to calculate expected life used in the valuation of our stock options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Stock option activity for all stock option plans 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 |  | 2,742,834 | ​ |  | 3.81 |  |  |  | ​ |
Exercised |  | (101,160) | ​ |  | 4.10 |  |  |  | ​ |
Forfeited |  | (1,478,588) | ​ |  | 12.05 |  |  |  | ​ |
Balance at December 31, 2022 |  | 13,872,973 | ​ | $ | 11.02 |  | 5.8 | ​ | $ | 21
Vested and expected to vest at December 31, 2022 |  | 13,454,543 | ​ | $ | 11.10 |  | 5.7 | ​ | $ | 19
Exercisable at December 31, 2022 |  | 9,859,720 | ​ | $ | 12.12 |  | 4.6 | ​ | $ | —
​ The total intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $0.2 million, $7.8 million and $5.6 million, respectively. At December 31, 2022, there were 4.0 million unvested stock options outstanding that vest over a weighted-average period of 2.2 years. The remaining estimated compensation expense to be recognized in connection with these unvested stock options is $19.8 million. ​ RSU activity for all stock plans is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | RSUs | ​ | Fair Value
​ | ​ | Outstanding | ​ | Per Share
Balance at December 31, 2021 |  | 222,000 | ​ | $ | 7.53
Vested and released |  | (98,750) | ​ |  | 7.53
Forfeited |  | (24,500) | ​ |  | 7.53
Balance at December 31, 2022 |  | 98,750 | ​ | $ | 7.53
​

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