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Equity | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Equity | Note 5 - Equity In August 2020, the Company entered into the Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which the Company may sell, from time to time, through or to JonesTrading, up to an aggregate of $200 million of its common stock. Shares of common stock are offered pursuant to a shelf registration statement on Form S-3 filed with the SEC on August 7, 2020. On June 28, 2022, the Company entered into an Amended and Restated Capital on Demand™ Sales Agreement (the “A&R Sales Agreement”) with JonesTrading and B. Riley Securities, Inc. (“B. Riley Securities”). The A&R Sales Agreement modifies the original Capital on Demand™ Sales Agreement to include B. Riley Securities as an additional sales agent thereunder. For the three months ended March 31, 2023, the Company sold 0.1 million shares of common stock, resulting in gross proceeds and net proceeds of $0.8 million. For the three months ended March 31, 2022, there were no sales of common stock. Stock Options The following is a summary of stock option activity for the three months ended March 31, 2023:
(in thousands, except for per-share amounts) |  | Number of Shares |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, January 1, 2023 |  |  | 3,396 |  |  | $ | 8.00 |  |  |  | 8.85 |  |  | $ | 15,204 |
Granted |  |  | 11 |  |  |  | 10.89 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1 | ) |  |  | 7.00 |  |  |  |  |  |  |  |  |
Cancelled |  |  | (82 | ) |  |  | 5.76 |  |  |  |  |  |  |  |  |
Outstanding, March 31, 2023 |  |  | 3,324 |  |  |  | 8.07 |  |  |  | 8.50 |  |  |  | 11,114 |
Exercisable, March 31, 2023 |  |  | 975 |  |  |  | 13.66 |  |  |  | 7.21 |  |  |  | 2,304 |
During the three months ended March 31, 2023, the Company granted new employees options to purchase 11 thousand shares of common stock with an exercise price ranging from $10.20 to $11.60 per share, a term of 10 years, and a vesting period of 4 years. The options have an aggregated fair value of $82 thousand that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate range from 3.59% to 4.21% (2) expected life of 6 years, (3) expected volatility range from 81.3% to 81.4%, and (4) zero expected dividends. The fair values of all options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at March 31, 2023 was $9.0 million related to unvested options, which is expected to be expensed over a weighted average of 3.1 years. During the three months ended March 31, 2023 and 2022, the Company recorded compensation expense related to stock options of $0.8 million and $0.4 million, respectively. Restricted Stock Units The following is a summary of restricted stock unit activity for the three months ended March 31, 2023:
(in thousands, except for per-share amount) |  | RSUs |  |  | Weighted Average Grant date Fair Value Per Share ($) |
Outstanding, January 1, 2023 |  |  | 325 |  |  |  | 5.96 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Outstanding, March 31, 2023 |  |  | 325 |  |  |  | 5.96 |
The RSUs vest at the earliest of a change of control event, the termination of the recipient’s continuous service status for any reason other than by the Company for cause and the third anniversary of the date of the grant. The fair value of the RSUs, $1.9 million, was determined based on the stock prices on the dates of the grants and is being recognized over three years. The unrecognized compensation expense at December 31, 2022 of $1.6 million is expected to be expensed over 2.4 years. During the three months ended March 31, 2023, the Company recorded compensation expense related to RSUs of $0.2 million. There was no compensation expense related to RSUs for the three months ended March 31, 2022. Warrants Following is a summary of warrant activity for the three months ended March 31, 2023:
(in thousands, except for per-share amounts) |  | Number of Shares |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, January 1, 2023 |  |  | 1,443 |  |  | $ | 16.58 |  |  |  | 1.33 |  |  | $ | 5 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding, March 31, 2023 |  |  | 1,443 |  |  | $ | 16.58 |  |  |  | 1.08 |  |  | $ | 2 |
Exercisable, March 31, 2023 |  |  | 1,440 |  |  | $ | 15.94 |  |  |  | 1.08 |  |  | $ | 2 |

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