Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.23.1
Warrants (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company’s total stock-based compensation expense by line item for the years ended December 31, 2022 and 2021 (in thousands):

Year Ended December 31,
2022 2021
Research and development 31,083  25,768 
Selling, general and administrative 48,490  82,592 
Total
 79,573  108,360 
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 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) 1
Risk free interest rate 4.7  %
Expected volatility 116.5  %
Dividend yield —  %
Exercise price $ 1.15 
Stock price $ 1.23