Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Stockholders' Equity |
|
| Summary of net proceeds from the Preferred Stock Transaction |
|
|
|
|
Common Stock Warrant liability |
|
$ |
1,519 |
Series A and Series B Preferred Stock |
|
|
481 |
Gross Proceeds |
|
$ |
2,000 |
|
| Schedule of changes in the fair value of the Company's warrant liability representing a recurring measurement classified within Level 3, wherein fair value is estimated using significant unobservable inputs |
|
|
|
|
|
|
|
|
July 29, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
Expected term of warrants (in years) |
|
5.0 |
|
4.8 |
|
Risk-free interest rate |
|
2.7 |
% |
4.1 |
% |
Expected volatility |
|
104.3 |
% |
105.5 |
% |
Dividend yield |
|
— |
% |
— |
% |
|
| Summary of roll forward of the Common Stock Warrant liability |
|
|
|
|
Date of issuance, July 29, 2022 |
|
$ |
1,519 |
Change in fair value |
|
|
(651) |
Balance, September 30, 2022 |
|
$ |
868 |
|
| Schedule of share-based compensation expense recognized |
The estimated grant date fair value of the Company’s share-based awards is amortized on a straight-line basis over the awards’ service periods. Share based compensation expense recognized was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Research and development |
|
$ |
178 |
|
$ |
279 |
|
$ |
672 |
|
$ |
787 |
|
Selling, general and administrative |
|
|
601 |
|
|
690 |
|
|
2,257 |
|
|
2,455 |
|
Cost of goods sold |
|
|
(15) |
|
|
9 |
|
|
(2) |
|
|
29 |
|
Total stock-based compensation |
|
$ |
764 |
|
$ |
978 |
|
$ |
2,927 |
|
$ |
3,271 |
|
|
| Summary of stock option activity |
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
|
|
Weighted |
|
Remaining |
|
|
|
|
Average |
|
Contractual |
|
|
Number of |
|
Exercise |
|
Term |
|
|
Shares |
|
Price |
|
(in years) |
Balance, December 31, 2021 |
|
12,449,870 |
|
$ |
2.67 |
|
7.11 |
Granted |
|
999,950 |
|
|
0.46 |
|
|
Exercised |
|
— |
|
|
— |
|
|
Forfeited/Cancelled |
|
(4,080,550) |
|
|
3.72 |
|
|
Balance, September 30, 2022 |
|
9,369,270 |
|
$ |
1.97 |
|
7.05 |
Vested or expected to vest at September 30, 2022 |
|
9,369,270 |
|
$ |
1.97 |
|
7.05 |
Exercisable at September 30, 2022 |
|
5,875,106 |
|
$ |
2.32 |
|
6.03 |
|
| Schedule of weighted-average assumptions: |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
2022 |
|
2021 |
|
|
Expected term of options (in years) |
|
5.7 |
|
6.1 |
|
|
Risk-free interest rate |
|
2.7 |
% |
0.9 |
% |
|
Expected volatility |
|
98.0 |
% |
97.8 |
% |
|
Dividend yield |
|
— |
% |
— |
% |
|
|
| Schedule of changes in the status of non-vested RSU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Average |
|
|
Number of |
|
Grant Date |
|
|
Awards |
|
Fair Value |
Non-vested at December 31, 2021 |
|
5,918,496 |
|
$ |
1.08 |
Granted |
|
— |
|
|
|
Vested |
|
(167,953) |
|
|
0.82 |
Forfeited |
|
(994,399) |
|
|
1.22 |
Non-vested at September 30, 2022 |
|
4,756,144 |
|
$ |
1.06 |
|
| Schedule of shares available to be granted under equity incentive plans |
At September 30, 2022, the Company has the following shares available to be granted under its equity incentive plans:
|
|
|
|
|
|
|
|
|
Inducement |
|
|
2013 Plan |
|
Plan |
Available at December 31, 2021 |
|
4,178,805 |
|
252,500 |
Authorized |
|
6,620,800 |
|
— |
Granted |
|
(999,950) |
|
— |
Forfeited/Cancelled |
|
4,883,886 |
|
47,500 |
Available at September 30, 2022 |
|
14,683,541 |
|
300,000 |
|
| Schedule of shares of common stock reserved/available |
At September 30, 2022, the Company has reserved the following shares of common stock for issuance:
|
|
|
Stock options outstanding under 2013 Plan |
|
9,169,270 |
Restricted stock units outstanding under 2013 Plan |
|
4,756,144 |
Stock options outstanding under Inducement Plan |
|
200,000 |
Shares reserved for future issuance under Inducement Plan |
|
300,000 |
Shares reserved for future issuance under 2013 Employee Stock Purchase Plan |
|
225,806 |
Warrants outstanding |
|
5,275,430 |
Total shares of common stock reserved for future issuance |
|
19,926,650 |
|