Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.23.2
Warrants (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company’s stock-based compensation expense by line item for the three and six months ended June 30, 2023 and 2022 (in thousands):
Three months ended
June 30,
Six months ended
June 30,
2023 2022 2023 2022
Research and development $ 209  $ 8,190  $ 4,344  $ 15,126 
Selling, general and administrative 6,498  12,583 12,199  26,327
Total $ 6,707  $ 20,773  $ 16,543  $ 41,453 
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
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 
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) 4.61
Expected volatility 124.9  %
Expected dividend rate —  %
Risk free rate 4.16  %
Estimated fair value per warrant $ 0.35 
Exercise price $ 1.30 
Stock price $ 0.48 
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants at the issuance date was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 5.48
Expected volatility 124.9  %
Expected dividend rate —  %
Risk free rate 4.05  %
Estimated fair value per warrant $0.41
Exercise price $0.67
Stock price $0.48
The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants at the issuance date was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years) 5.27
Expected volatility 124.9  %
Expected dividend rate —  %
Risk free rate 4.07  %
Estimated fair value per warrant $0.40
Exercise Price $0.65
Stock Price $0.48