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Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
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)20232022
Included in research and development expense$394 $335 
Included in selling, general and administrative expense670 817 
Total stock-based compensation expense$1,064 $1,152 
 
The unrecognized compensation cost related to non-vested stock options outstanding at March 31, 2023, net of estimated forfeitures, was $10.1 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.7 years. The weighted-average remaining contractual term of outstanding options as of March 31, 2023, was approximately
8.5 years. The total fair value of stock options vested during the three months ended March 31, 2023 and 2022, were $1.9 million and $1,000, 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,
20232022
Risk-free interest rate3.58 %1.84 %
Dividend yield0 %0 %
Expected volatility of Cardiff Oncology common stock110 %106 %
Expected term(1)
5.3 years6.0 years
(1)The expected term for options granted after January 1, 2023 is estimated based on the Company's historical employee data. Prior to January 1, 2023, the Company used the "simplified method" to estimate expected term.

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, 20225,069,458 $5.92 $19,322 
Granted1,806,008 $1.73  
Canceled / Forfeited(1,725)$7.98  
Expired(476,846)$6.93  
Balance outstanding, March 31, 20236,396,895 $4.66 $34,107 
Exercisable at March 31, 20232,427,304 $6.57 $20,517 
Vested and expected to vest at March 31, 20236,187,656 $4.73 $33,160 
 
2021 Equity Incentive Plan

In June 2021 the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). The number of authorized shares in the 2021 Plan is equal to the sum of (i) 3,150,000 shares, plus (ii) the number of shares of Common Stock reserved, but unissued under the 2014 Plan; and (iii) the number of shares of Common Stock underlying forfeited awards under the 2014 Plan. On June 9, 2022, the shareholders approved an increase of shares authorized in the 2021 Plan to 5,150,000 from 3,150,000. As of March 31, 2023, there were 2,180,898 shares available for issuance under the 2021 Plan.

2014 Equity Incentive Plan

Subsequent to the adoption of the 2021 Plan, no additional equity awards can be made under the terms of the 2014 Plan.

Inducement Grants

The Company issues equity awards to certain new employees as inducement grants outside of its 2021 Plan. As of March 31, 2023, an aggregate of 1,345,208 shares were issuable upon the exercise of inducement grant stock options approved by the Company.
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, 20224,360,968 $5.33 2.1 years
Expired(64,496)$101.52  
Balance outstanding, March 31, 20234,296,472 $3.89 1.8 years


Preferred Stock

A summary of our Company's classes of preferred stock is presented below:
Shares outstanding
ClassPar valueShares designatedAs of March 31,
2023		As of December 31,
2022
Series A Convertible Preferred Stock$0.001 277,100 60,600 60,600 
Series B Convertible Preferred Stock$0.001 8,860 — — 
Series C Convertible Preferred Stock$0.001 200,000 — — 
Series D Convertible Preferred Stock$0.0001 154,670 — — 
Series E Convertible Preferred Stock$0.001 865,824 — —