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The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2023 and 2022 (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
2023 |
|
2022 |
| Research and development |
$ |
4,135 |
|
|
$ |
6,980 |
|
| Selling, general and administrative |
5,701 |
|
13,700 |
| Total |
$ |
9,836 |
|
|
$ |
20,680 |
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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:
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|
|
|
|
|
|
|
| Expected term (years) |
10 |
| 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 upon 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 (year) |
0.9 |
| Expected volatility |
116.4 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.7 |
% |
| Estimated fair value per warrant |
$ |
0.57 |
|
| Exercise price |
$ |
1.05 |
|
| Stock price |
$ |
1.20 |
|
|
|
|
|
|
|
|
|
| Expected term (years) |
5.0 |
| Expected volatility |
106.8 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
3.78 |
% |
| Estimated fair value per warrant |
$ |
0.80 |
|
| Exercise price |
$ |
1.30 |
|
| Stock price |
$ |
1.05 |
|
|