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Note 12 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 12—Stock-Based Compensation ​ Our stock option plans provide for the grant of incentive and non-qualified stock options, restricted stock awards, restricted stock units, and other stock awards to employees, non-employee directors and consultants. Stock-based compensation is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
​ |  | September 30, |  |  | September 30, |
​ |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
​ |  | (In thousands) |  |  | (In thousands) |
Continuing operations |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Research and development |  | $ | 1,063 |  |  | $ | 1,305 |  |  | $ | 3,146 |  |  | $ | 3,710 |
Selling, general and administrative |  |  | 1,578 |  |  |  | 2,054 |  |  |  | 4,921 |  |  |  | 5,456 |
Total stock-based compensation in continuing operations |  |  | 2,641 |  |  |  | 3,359 |  |  |  | 8,067 |  |  |  | 9,166 |
Discontinued operations |  |  | — |  |  |  | (124 | ) |  |  | — |  |  |  | (207 | )
Total stock-based compensation |  | $ | 2,641 |  |  | $ | 3,235 |  |  | $ | 8,067 |  |  | $ | 8,959 |
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 |  |  | Nine Months Ended |
​ |  | September 30, 2024 |  |  | September 30, 2024 |
Estimated weighted-average fair value |  | $ | 3.06 |  |  | $ | 2.60 |
Weighted-average assumptions: |  | ​ |  |  | ​ |
Expected volatility |  |  | 96 | % |  |  | 95 | %
Expected life, in years |  |  | 7.4 |  |  |  | 7.2 |
Risk-free interest rate |  |  | 4.22 | % |  |  | 4.36 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Expected volatility is based on the historical volatility of our stock price weighted by grant issuances over the reporting period. We estimated the expected life of the stock options granted using the historical exercise behavior of option holders. 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 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, 2023 |  |  | 15,255,154 |  |  | $ | 9.50 |  |  |  |  |  |  |  |  |
Granted |  |  | 3,280,500 |  |  |  | 3.13 |  |  |  |  |  |  |  |  |
Exercised |  |  | (16,404 | ) |  |  | 3.19 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (386,181 | ) |  |  | 6.91 |  |  |  |  |  |  |  |  |
Balance at September 30, 2024 |  |  | 18,133,069 |  |  | $ | 8.41 |  |  |  | 6.0 |  |  | $ | 6,168 |
Vested and expected to vest at September 30, 2024 |  |  | 17,503,959 |  |  | $ | 8.58 |  |  |  | 5.9 |  |  | $ | 5,677 |
Exercisable at September 30, 2024 |  |  | 12,133,698 |  |  | $ | 10.75 |  |  |  | 4.5 |  |  | $ | 1,421 |
On April 25, 2024, annual stock option grants of approximately 2.9 million shares of common stock were awarded to eligible participants for the 2023 annual performance period. Of the 18.1 million common stock options outstanding as of September 30, 2024, 9.8 million have an exercise price per share above $3.97, which was the closing price of our stock on the Nasdaq exchange on September 30, 2024. As of September 30, 2024, there were 6.0 million unvested options outstanding that will vest over a weighted-average period of 2.4 years. The total estimated compensation expense yet to be recognized on outstanding options is $14.4 million. As of September 30, 2024, the total number of shares of common stock available for grant was 5.9 million. As of October 29, 2024, the total number of shares of common stock available for grant increased to 7.1 million due to approximately 1.2 million shares of common stock expiring and returning to our stock option plan for reissuance. ​

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