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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Stock Options Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2021 |  | 2020
Included in research and development expense |  |  |  |  | $ | 40 |  |  | $ | 77 |
Included in selling, general and administrative expense |  |  |  |  | 228 |  |  | 100 |
Total stock-based compensation expense |  |  |  |  | $ | 268 |  |  | $ | 177 |
The unrecognized compensation cost related to non-vested stock options outstanding at March 31, 2021, net of estimated forfeitures, was $1.2 million, which is expected to be recognized over a weighted-average remaining vesting period of 1.8. The weighted-average remaining contractual term of outstanding options as of March 31, 2021 was approximately 8.6 years. The total fair value of stock options vested during the three months ended March 31, 2021 and 2020 were $24,333 and $34,929, respectively. The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions during the following periods indicated:
| Three Months Ended March 31,
| 2021 |  | 2020
Risk-free interest rate | (1) |  | 1.8 | %
Dividend yield | (1) |  | 0 | %
Expected volatility of Cardiff Oncology common stock | (1) |  | 102.0 | %
Expected term | (1) |  | 6.0 years
(1)No stock options were granted during the period. A summary of stock option activity and changes in stock options outstanding is presented below:
| Total Options |  | Weighted-Average Exercise Price Per Share |  | Intrinsic Value
Balance outstanding, December 31, 2020 | 1,860,507 |  |  | $ | 7.43 |  |  | $ | 27,963,363 |
Canceled / Forfeited | (10,770) |  |  | $ | 2.55 |  |  |
Balance outstanding, March 31, 2021 | 1,849,737 |  |  | $ | 7.46 |  |  | $ | 12,125,293 |
Exercisable at March 31, 2021 | 756,300 |  |  | $ | 14.61 |  |  | $ | 4,739,794 |
Vested and expected to vest at March 31, 2021 | 1,768,104 |  |  | $ | 7.68 |  |  | $ | 11,572,933 |
The number of authorized shares in the Cardiff Oncology 2014 Equity Incentive Plan (“2014 EIP”) is 2,243,056. As of March 31, 2021, there were 271,216 shares available for issuance under the 2014 EIP. Restricted Stock Units A summary of the RSU activity is presented below:
| Total Restricted Stock Units |  | Weighted-Average Grant Date Fair Value Per Share |  | Intrinsic Value
Non-vested RSUs outstanding, December 31, 2020 | 491 |  |  | $ | 147.60 |  |  | $ | 8,833 |
Vested | (491) |  |  | $ | 147.60 |  |  |
Non-vested RSUs outstanding, March 31, 2021 | — |  |  | $ | — |  |  | $ | — |
The total fair value of vested RSUs during the three months ended March 31, 2021 and 2020 were $72,472 and $95,170, respectively. Warrants A summary of warrant activity and changes in warrants outstanding, including both liability and equity classifications is presented below:
| Total Warrants |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2020 | 5,260,992 |  |  | $ | 5.19 |  |  | 4.1 years
Exercised | (770,833) |  |  | $ | 1.64 |  |  |
Balance outstanding, March 31, 2021 | 4,490,159 |  |  | $ | 5.80 |  |  | 3.7 years
Preferred Stock A summary of our Company's classes of preferred stock is presented below:
|  |  |  |  |  |  |  | Shares outstanding
Class |  | Par value |  | Shares designated |  | Liquidation preference |  | As of March 31, 2021 |  | As of December 31, 2020
Series A Convertible Preferred Stock |  | $ | 0.001 |  |  | 277,100 |  |  | $ | 606,000 |  |  | 60,600 |  |  | 60,600 |
Series B Convertible Preferred Stock |  | $ | 0.001 |  |  | 8,860 |  |  | None |  | — |  |  | — |
Series C Convertible Preferred Stock |  | $ | 0.001 |  |  | 200,000 |  |  | None |  | — |  |  | — |
Series D Convertible Preferred Stock |  | $ | 0.0001 |  |  | 154,670 |  |  | None |  | — |  |  | — |
Series E Convertible Preferred Stock |  | $ | 0.001 |  |  | 865,824 |  |  | None |  | 655,044 |  |  | 655,044 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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