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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation recognized | Stock-based compensation has been recognized in operating results as follows:
(in thousands) | Years ended December 31,
| 2022 |  | 2021 |  |
Research and development expenses | 1,035 |  |  | 491 |  |  |
Selling, general and administrative expenses | 3,221 |  |  | 2,743 |  |  |
Total stock-based compensation | $ | 4,256 |  |  | $ | 3,234 |  |  |
Estimated Fair Value of Stock Options - Assumptions | 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 assumptions during the years indicated below:
| Years ended December 31,
| 2022 |  | 2021 |  |
Risk-free interest rate | 1.62% - 3.75% |  | 0.83% - 1.3% |  |
Dividend yield | 0% |  | 0% |  |
Expected volatility (range) | 98% - 110% |  | 107% - 110% |  |
Expected volatility (weighted-average) | 106% |  | 108% |  |
Expected term (in years) | 6.0 years |  | 6.0 years |  |
Summary of Stock Option Activity | A summary of stock option activity and of changes in stock options outstanding is presented below:
| Number of Options |  | Weighted-Average Exercise Price Per Share |  | Intrinsic Value |  | Weighted-Average Remaining Contractual Life
Balance outstanding, December 31, 2021 | 3,771,984 |  |  | $ | 7.13 |  |  | $ | 6,405,258 |  |  | 8.7 years
Granted | 1,737,760 |  |  | $ | 3.15 |  |  |  |  |
Exercised | (28,858) |  |  | $ | 2.60 |  |  | $ | 1,443 |  |  |
Cancelled | (398,156) |  |  | $ | 4.62 |  |  |  |  |
Expired | (13,272) |  |  | $ | 32.52 |  |  |  |  |
Balance Outstanding, December 31, 2022 | 5,069,458 |  |  | $ | 5.92 |  |  | $ | 19,322 |  |  | 7.4 years
Vested and exercisable, December 31, 2022 | 2,300,619 |  |  | $ | 7.38 |  |  | $ | 12,210 |  |  | 5.7 years
Vested and expected to vest, December 31, 2022 | 4,990,351 |  |  | $ | 5.94 |  |  | $ | 18,752 |  |  | 7.4 years

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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