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Stockholders' Equity And Stock-Based Compensation Expense | 9 Months Ended
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Sep. 30, 2022
Stockholders’ Equity and Stock-Based Compensation Expense |
Stockholders' Equity And Stock-Based Compensation Expense | Note 7. Stockholders’ Equity and Stock-Based Compensation Expense 2021 Registered Direct Offering On February 12, 2021, the Company completed a common stock offering pursuant to which certain investors purchased 4,081,633 shares of common stock at a price of $49.00 per share. Net proceeds of the offering were approximately $189.8 million after deducting offering expenses. At-the-Market Common Stock Offering In March 2020, the Company established an at-the-market offering program (“ATM”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2020. The Company is obligated to pay a commission of 3.0% of the gross proceeds from the sale of shares of common stock in the offering. The Company is not obligated to sell any shares in the offering. There were no common stock sales under the ATM during the three and nine months ended September 30, 2022 and 2021. Common Stock Warrants In August 2018, the Company issued warrants to purchase up to an aggregate of 9.1 million shares of its common stock in conjunction with an offering of its common stock. The Company did no t receive any proceeds from exercise of common stock warrants during the three and nine months ended September 30, 2022. The Company did no t receive any proceeds from exercise of common stock warrants during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company received proceeds of $0.7 million from the exercise of 0.6 million shares pursuant to warrants. There were no common stock warrants outstanding as of September 30, 2022. Stock Option and Performance Award Activity in 2022 During the nine months ended September 30, 2022, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows:
|  | Stock Options |  |  | Performance Awards
Outstanding as of December 31, 2021 |  | 2,663,727 |  |  | 138,055
Options granted |  | 4,000 |  |  | —
Options exercised |  | (194,264) |  |  | —
Options forfeited/canceled |  | (22,139) |  |  | (130,913)
Outstanding as of September 30, 2022 |  | 2,451,324 |  |  | 7,142
The weighted average exercise price of options outstanding at September 30, 2022 was $11.03. As outstanding options vest over the current remaining vesting period of 1.7 years, the Company expects to recognize stock-based compensation expense of $4.9 million. If and when outstanding Performance Awards vest, the Company will recognize stock-based compensation expense of $0.1 million over the implicit service period. During the three months ended September 30, 2022, there were 18,740 stock options exercised with cash proceeds to the Company totaling $136,000. During the nine months ended September 30, 2022, there were 194,264 stock options exercised. Of the stock options exercised, 94,399 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Cash proceeds to the Company for options not net settled totaled $466,000 during the nine months ended September 30, 2022. During the nine months ended September 30, 2022, a total of 57,143 shares of restricted stock awards expired as performance criteria related to these Performance Awards were not attained. These shares of restricted stock were returned to the 2008 Equity Incentive Plan, which expired in December 2017, and thus were retired. Stock-based Compensation Expense in 2022 During the three and nine months ended September 30, 2022 and 2021, the Company’s stock-based compensation expense was as follows (in thousands):
|  | Three months ended |  | Nine months ended |
|  | September 30, |  | September 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Research and development |  | $ | 399 |  | $ | 452 |  | $ | 1,234 |  | $ | 867 |
General and administrative |  |  | 71 |  |  | 120 |  |  | 216 |  |  | 370 |
Total stock-based compensation expense |  | $ | 470 |  | $ | 572 |  | $ | 1,450 |  | $ | 1,237 |
2018 Equity Incentive Plan The Company’s Board of Directors (the “Board”) or a designated committee of the Board is responsible for administration of the Company’s 2018 Omnibus Incentive Plan, as amended (the “2018 Plan”) and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan, as amended on May 5, 2022, provides for issuance of up to 5,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan. ﻿ When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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