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Stock-Based Compensation (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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.

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-SubTopic 10
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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.

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