|
|
|
|
|
|
|
|
|
|
|
Tenth Pre-Paid Advance |
|
|
|
| Stock price |
|
$ |
3.57 |
|
| Risk free interest rate |
|
5.3 |
% |
| Interest rate |
|
5.0 |
% |
| Expected volatility |
|
150.8 |
% |
| Expected dividend yield |
|
— |
% |
| Remaining term (in years) |
|
0.5 |
The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
2024 |
|
2023 |
| Research and development |
$ |
630 |
|
|
$ |
4,135 |
|
| Selling, general and administrative |
10,324 |
|
|
5,701 |
| Total |
$ |
10,954 |
|
|
$ |
9,836 |
|
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 |
$ |
49.45 |
|
| Stock price |
$ |
83.49 |
|
|
|
|
|
|
|
|
|
| Expected term (year) |
5.0 |
| Expected volatility |
131.1 |
% |
| Dividend yield |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$ |
3.30 |
|
| Exercise price |
$ |
1.37 |
|
| Stock price |
$ |
3.57 |
|
|
|
|
|
|
|
|
|
| Expected term (years) |
4.4 |
| Expected volatility |
131.1 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$ |
2.19 |
|
| Exercise price |
$ |
29.90 |
|
| Stock price |
$ |
3.57 |
|
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) |
4.7 |
| Expected volatility |
131.1 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$2.60 |
| Exercise price |
$15.41 |
| Stock price |
$3.57 |
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) |
4.5 |
| Expected volatility |
131.1 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$2.55 |
| Exercise Price |
$14.93 |
| Stock Price |
$3.57 |
|
|
|
|
|
|
| Expected term (years) |
4.8 |
| Expected volatility |
131.1 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$ |
2.63 |
|
| Exercise price |
$ |
15.41 |
|
| Stock price |
$ |
3.57 |
|
|
|
|
|
|
|
|
|
| Expected term (years) |
4.5 |
| Expected volatility |
131.1 |
% |
| Expected dividend rate |
— |
% |
| Risk free rate |
4.2 |
% |
| Estimated fair value per warrant |
$ |
2.61 |
|
| Exercise price |
$ |
12.91 |
|
| Stock price |
$ |
3.57 |
|
|