Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v3.23.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The amount of stock-based compensation expense recognized for the years ended December 31, 2022 and 2021 was as follows (in thousands):
 
  Year Ended December 31,
  2022 2021
Research and development $ 1,249  $ 1,775 
Selling, general and administrative 6,305  6,397 
Total stock-based compensation $ 7,554  $ 8,172 
Summary of Option Activity The following table summarizes the Company's service-based option activity for the year ended December 31, 2022:
 
  Options Outstanding
  Number of shares Weighted average exercise price per share Weighted average grant date fair value per share Weighted average remaining contractual term (in years)
Balance at December 31, 2021 1,054,277  $ 44.26  $ 27.45  8.1
Granted 684,968  $ 7.41  $ 5.37 
Forfeited (276,212) $ 29.30  $ 19.59 
Expired (117,501) $ 47.98  $ 31.28 
Balance at December 31, 2022 1,345,532  $ 28.24  $ 17.48  6.7
Exercisable at December 31, 2022 682,038  $ 44.04  $ 26.38  4.4
Schedule of Fair Value Assumptions for Options
The following table shows the assumptions used to compute stock-based compensation expense for stock options with service-based vesting conditions granted under the Black-Scholes valuation model for the years ended December 31, 2022 and 2021:
  Year Ended December 31,
Service-based options 2022 2021
Expected term of options (in years) 5 — 6.25 0.76 — 6.25
Expected stock price volatility 84.0% — 93.5% 73.0% — 86.5%
Risk-free interest rate 1.50% — 4.25% 0.07% — 1.34%
Expected annual dividend yield 0% 0%