Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.24.1
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary Of Activity For The Company's Restricted Shares
Shares Weighted- Average Grant-Date Fair Value
Unvested at December 31, 2022 17,252  $ 4.87 
Granted 24,524  0.64 
Vested (7,562) 7.34 
Forfeited (8,332) 5.21 
Unvested at December 31, 2023 25,882  $ 5.69 
The activity for performance-based restricted stock units in the year ended December 31, 2023 was as follows (in thousands, except weighted-average grant-date fair value amounts):

Shares Weighted- Average Grant-Date Fair Value
Unvested at December 31, 2022 14,160  $ 4.80 
Granted —  — 
Vested —  — 
Forfeited (1,656) 3.00 
Unvested at December 31, 2023 12,504  $ 2.67 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award The Company estimated the fair value of the August and September Initial Loans, as defined in Note 9, based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period:
August Convertible Debenture September Convertible Debenture
Expected term (in years) 0.75 0.90
Stock price $ 0.26  $ 0.26 
Interest rate 3.0  % 3.0  %
Expected volatility 121.3  % 121.0  %
Expected dividend rate —  — 
Risk free rate 5.0  % 4.8  %
The following table summarizes the Company’s total stock-based compensation expense by line item for the years ended December 31, 2023 and 2022 (in thousands):
Year Ended December 31,
2023 2022
Research and development $ 6,711  $ 31,083 
Selling, general and administrative 23,495  48,490 
Total
$ 30,206  $ 79,573 
The fair value of the warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:
Expected term (years) 10.0
Risk free interest rate 3.0  %
Expected volatility 91.3  %
Dividend yield —  %
Exercise price $ 2.15 
Stock price $ 3.63 
The fair value of the warrants at the expiration of the option period was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:
Expected term (years) 0.9
Expected volatility 116.4  %
Dividend yield —  %
Risk free rate 4.7  %
Estimated fair value per warrant $ 0.57 
Exercise price $ 1.05 
Stock price $ 1.20 
        
The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:
Expected term (years) 4.6
Expected volatility 121.7  %
Expected dividend rate —  %
Risk free rate 3.8  %
Estimated fair value per warrant $ 0.16 
Exercise price $ 1.30 
Stock price $ 0.26 
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 5.0
Expected volatility 121.7  %
Expected dividend rate —  %
Risk free rate 3.8  %
Estimated fair value per warrant $ 0.19 
Exercise price $ 0.67 
Stock price $ 0.26 
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 4.8
Expected volatility 121.7  %
Expected dividend rate —  %
Risk free rate 3.8  %
Estimated fair value per warrant $ 0.19 
Stock Price $ 0.26 
Exercise Price $ 0.65 
The key inputs used in the valuation were as follows:
Expected term (years) 5.1
Expected volatility 121.7  %
Expected dividend rate —  %
Risk free rate 3.8  %
Estimated fair value per warrant $ 0.19 
Exercise price $ 0.67 
Stock price $ 0.26 
The key inputs used in the valuation on October 5, 2023 were as follows:
July Convertible Debenture August Convertible Debenture September Convertible Debenture
Expected term (years) 4.7 4.8 5.0
Expected volatility 108.0  % 108.0  % 108.0  %
Expected dividend rate —  % —  % —  %
Risk free rate 4.6  % 4.6  % 4.6  %
Estimated fair value per warrant $ 0.34  $ 0.34  $ 0.34 
Exercise price $ 0.54  $ 0.54  $ 0.54 
Stock price $ 0.44  $ 0.44  $ 0.44 
The key inputs used in the valuation were as follows:
Expected term (years) 4.8
Risk free rate 3.8  %
Expected volatility 121.7  %
Expected dividend rate —  %
Exercise price $ 0.56 
Stock price $ 0.26 
Estimated fair value per warrant $ 0.19