XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.23.1

Capital Structure (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Stockholder's Equity |
Schedule of Series A Preferred Stock | A summary of the Company’s Series B Perpetual Non-Convertible Preferred Stock balance at March 31, 2023 and changes during the three months ended March 31, 2023, are presented below:
| Series B Preferred Stock
| Shares |  | Amount
Balance at December 31, 2022 | 71 |  |  | $ | 68,348 |
Amortization of preferred stock issuance costs | — |  |  | — |
Issuance of preferred PIK dividend | — |  |  | — |
Redemption of Series B preferred shares | — |  |  | — |
Balance at March 31, 2023 1 | 71 |  |  | $ | 68,348 |
________________________________ 1 Series B preferred stock net principal balance of $68.3 million is presented as gross principal balance of $70.7 million net of $2.35 million unamortized issuance costs.
Schedule of Stock-based Compensation | The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by operating expense categories, as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |  |  |
Cost of revenues | $ | 224 |  |  | $ | 221 |  |  |  |  |  |  |  |  |
Research and development | 542 |  |  | 556 |  |  |  |  |  |  |  |  |
Selling, general and administrative | 973 |  |  | 1,150 |  |  |  |  |  |  |  |  |
Total stock-based compensation expense | $ | 1,739 |  |  | $ | 1,927 |  |  |  |  |  |  |  |  |
The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by award type, as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |  |  |
Stock options | $ | 528 |  |  | $ | 794 |  |  |  |  |  |  |  |  |
Restricted stock awards | 785 |  |  | 878 |  |  |  |  |  |  |  |  |
Performance Based Cash Units | 426 |  |  | 255 |  |  |  |  |  |  |  |  |
Total stock-based compensation before taxes | $ | 1,739 |  |  | $ | 1,927 |  |  |  |  |  |  |  |  |
Tax benefit | $ | 345 |  |  | $ | 377 |  |  |  |  |  |  |  |  |
Schedule of Fair Value Assumptions | The weighted-average assumptions used in the Black-Scholes option pricing model are as follows:
|  | Three Months Ended March 31, |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |
Expected stock price volatility |  | 72.5 | % |  | 71.9 | % |  |  |  |  |  |  |  |
Risk-free interest rate |  | 4.3 | % |  | 1.5 | % |  |  |  |  |  |  |  |
Expected life of options (in years) |  | 4.28 |  | 4.15 |  |  |  |  |  |  |  |
Expected dividend yield |  | 0.0 | % |  | 0.0 | % |  |  |  |  |  |  |  |
Weighted-average fair value (PSV) of the options |  | $ | 0.60 |  |  | $ | 1.13 |  |  |  |  |  |  |  |  |
Schedule of Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding as of March 31, 2023:
Options |  | Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2022 |  | 6,641 |  |  | $ | 3.80 |  |  |  |  |
Options Granted |  | 19 |  |  | 1.02 |  |  |  |  |
Options Exercised |  | — |  |  | — |  |  |  |  |
Options Cancelled |  | (160) |  |  | 8.04 |  |  |  |  |
Outstanding at March 31, 2023 |  | 6,500 |  |  | $ | 3.69 |  |  | 5.07 |  | $ | 1 |
Vested and exercisable at March 31, 2023 |  | 2,635 |  |  | $ | 6.67 |  |  | 3.71 |  | $ | — |
Restricted stock awards |
Stockholder's Equity |
Summary of Unvested Restricted Stock and Performance Shares Activity | A summary of the Company’s unvested restricted stock at March 31, 2023, and changes during the three months ended March 31, 2023, is presented below:
Unvested Restricted Stock |  | Number of Awards |  | Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022 |  | 4,385 |  |  | $ | 1.82 |
Granted |  | 3,161 |  |  | 0.95 |
Granted adjustment 1 |  | (395) |  |  | 3.25 |
Vested |  | (94) |  |  | 4.47 |
Forfeited |  | (71) |  |  | 2.32 |
Unvested at March 31, 2023 |  | 6,986 |  |  | $ | 1.31 |
___________________________ 1 Represents performance based cash units grants that vested and were paid out in form of shares of stock during the period and changes in unvested performance based restricted stock awards due to performance adjustments.
Performance based cash units |
Stockholder's Equity |
Summary of Unvested Restricted Stock and Performance Shares Activity | A summary of the Company’s outstanding performance based cash units at March 31, 2023 and changes during the three months ended March 31, 2023, is presented below:
Outstanding Cash Units |  | Number of Units |  | Period End Fair Value
Outstanding at December 31, 2022 |  | 5,872 |  |  | $ | 0.62 |
Granted |  | 1,206 |  |  | — |
Granted adjustment 1 |  | — |  |  | — |
Vested and distributed 2 |  | — |  |  | — |
Forfeited |  | (56) |  |  | — |
Outstanding at March 31, 2023 |  | 7,022 |  |  | $ | 0.94 |
___________________________ 1 Includes changes in the outstanding performance based cash units due to performance adjustments. 2 Includes earned PBCU that vested and were distributed to participants during the period.

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + 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 (c) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (27) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764 + Details
Name: | us-gaap_TemporaryEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |