Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.23.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [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 months ended March 31, 2023 and 2022 (in thousands):
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 
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) 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