v3.22.4

Stockholders’ Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Warrant Activity

A summary of the Company’s warrant activity for the year ended December 31, 2022 was as follows:

			Shares of Stock under Warrants						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2021			15,174,000						$	2.34					3.76						$	26,841,000
Granted			—						—												—
Exercised			(10,794,000)						0.88												58,191,000
Canceled			(24,000)						3.29												—
Outstanding at December 31, 2021			4,356,000						$	5.96					1.76						$	785,000
Granted			—						—												—
Exercised			—						—												—
Canceled			—						—												—
Outstanding at December 31, 2022			4,356,000						$	5.96					0.76						$	273,000

Summary of Stock Option Activity Under 2018 Plan and 2006 Plan

A summary of the Company’s stock option activity is as follows:   

			Shares of Stock under Stock Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2022			12,765,000						$	4.97					8.9						$	7,891,000
Granted			16,148,000						2.12
Exercised			(467,000)						0.74												580,000
Canceled			(4,424,000)						4.18
Outstanding at December 31, 2022			24,022,000						3.28						8.5						2,068,000
Vested and exercisable at December 31, 2022			7,791,000						$	3.79					7.5						$	1,513,000

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock activity was as follows:

			Stock Units						Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2022			361,000						$	4.74
Granted			—						—
Released			(265,000)						4.74
Forfeited			—						—
Outstanding at December 31, 2022			96,000						$	4.74

Performance stock activity was as follows:

			Stock Units						Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2022			290,000						$	4.74
Granted			—						—
Released			—						—
Forfeited			—						—
Outstanding at December 31, 2022			290,000						$	4.74

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the years ended December 31, 2022 and 2021 was as follows: 

			Years Ended December 31,
			2022						2021
Research and development			$	13,402,000					$	3,531,000
General and administrative			9,015,000						6,188,000
Total stock-based compensation expense			$	22,417,000					$	9,719,000

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of the employee stock option grants were as follows:

			Years Ended December 31,
			2022						2021
Risk-free interest rate			2.4%						1.1%
Expected volatility			68.0%						76.2%
Expected term (in years)			5.8						6.0
Expected dividend yield			0.0%						0.0%

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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.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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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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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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