| Schedule of Fair Value Assumptions |
The Company estimates the fair value of each stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions:
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Years Ended December 31, |
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2021 |
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2020 |
| Risk free interest rate |
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0.46% - 1.20% |
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0.33% - 1.53% |
| Expected term (in years) |
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5.31 - 5.73 |
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5 - 5.73 |
| Dividend yield |
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— |
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|
— |
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| Expected volatility |
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75.0% - 81.7% |
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70.0% - 75.8% |
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Years Ended December 31, |
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2021 |
|
2020 |
| Risk free interest rate |
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0.04% - 0.10% |
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0.10% - 0.18% |
| Expected term (in years) |
|
0.5 years |
|
0.5 years |
| Dividend yield |
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— |
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|
— |
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| Expected volatility |
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60.46% - 131.21% |
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74.36% - 120.89% |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity for employees and non-employees:
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Number of
Options |
|
Weighted-
Average
Exercise
Price |
|
Weighted-
Average
Remaining
Contractual
Life |
|
Aggregate
Intrinsic
Value
(in thousands) |
| Outstanding, December 31, 2020 |
9,591,123 |
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$ |
3.44 |
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$ |
2,303 |
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| Granted |
2,822,696 |
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|
3.05 |
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— |
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| Exercised |
482,115 |
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|
2.14 |
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|
1,106 |
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| Canceled |
379,991 |
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|
4.96 |
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|
102 |
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| Outstanding, December 31, 2021 |
11,551,713 |
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$ |
3.34 |
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6.71 years |
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$ |
11,402 |
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| Vested or expected to vest, December 31, 2021 |
11,551,713 |
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$ |
3.34 |
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6.71 years |
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$ |
11,402 |
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| Exercisable, December 31, 2021 |
7,376,177 |
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$ |
3.45 |
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5.52 years |
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$ |
7,964 |
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Number of
Options |
|
Weighted-
Average
Exercise
Price |
|
Weighted-
Average
Remaining
Contractual
Life |
|
Aggregate
Intrinsic
Value
(in thousands) |
| Outstanding, December 31, 2020 |
420,313 |
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|
$ |
5.00 |
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$ |
— |
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| Granted |
360,000 |
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$ |
3.48 |
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$ |
— |
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| Canceled or Expired |
120,313 |
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$ |
5.87 |
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$ |
— |
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| Outstanding, December 31, 2021 |
660,000 |
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$ |
4.01 |
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8.71 years |
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$ |
108 |
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| Vested or expected to vest, December 31, 2021 |
660,000 |
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$ |
4.01 |
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8.71 years |
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$ |
108 |
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| Exercisable, December 31, 2021 |
168,750 |
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$ |
4.65 |
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7.66 years |
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$ |
— |
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| Schedule of Stock-Based Compensation Expense |
Total stock-based compensation expense is recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows (in thousands):
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Years Ended December 31, |
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2021 |
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2020 |
| Research and development |
|
$ |
2,274 |
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$ |
2,394 |
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| General and administrative |
|
2,941 |
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|
2,696 |
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| Total stock-based compensation |
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$ |
5,215 |
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$ |
5,090 |
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