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Stockholders' Equity
 3 Months Ended
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)20212020
Included in research and development expense$40 $77 
Included in selling, general and administrative expense228 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,
20212020
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 OptionsWeighted-Average
Exercise Price
Per Share		Intrinsic
Value
Balance outstanding, December 31, 20201,860,507 $7.43 $27,963,363 
Canceled / Forfeited(10,770)$2.55  
Balance outstanding, March 31, 20211,849,737 $7.46 $12,125,293 
Exercisable at March 31, 2021756,300 $14.61 $4,739,794 
Vested and expected to vest at March 31, 20211,768,104 $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 UnitsWeighted-Average
Grant Date Fair Value
Per Share		Intrinsic Value
Non-vested RSUs outstanding, December 31, 2020491 $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 WarrantsWeighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining Contractual
Term
Balance outstanding, December 31, 20205,260,992 $5.19 4.1 years
Exercised(770,833)$1.64 
Balance outstanding, March 31, 20214,490,159 $5.80 3.7 years
Preferred Stock

A summary of our Company's classes of preferred stock is presented below:
Shares outstanding
ClassPar valueShares designatedLiquidation preferenceAs 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 None655,044 655,044