Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Summary Of Warrant Activity And Changes In Warrants Outstanding |
A summary of warrant activity and changes in warrants outstanding is presented below:
|
|
|
Number of
Shares Underlying Warrants |
|
|
Weighted-Average
Exercise Price per Share |
|
|
Weighted-Average Remaining Contractual Term |
|
|
Balance Outstanding - December 31, 2019 |
|
|
841,424 |
|
|
$ |
37.97 |
|
|
|
2.75 |
|
|
Issued |
|
|
4,265,198 |
|
|
$ |
3.47 |
|
|
|
|
|
|
Exercised |
|
|
(74,781 |
) |
|
$ |
3.22 |
|
|
|
— |
|
|
Balance Outstanding - December 31, 2020 |
|
|
5,031,841 |
|
|
$ |
9.25 |
|
|
|
4.40 |
|
|
Issued |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
Exercised |
|
|
(796,931 |
) |
|
$ |
2.56 |
|
|
|
— |
|
|
Balance Outstanding - December 31, 2021 |
|
|
4,234,910 |
|
|
$ |
10.50 |
|
|
|
3.31 |
|
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity under the 2015 Plan, 2019 Plan and Inducement Plan is as follows:
|
|
|
Number of
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at December 31, 2020 |
|
|
2,107,625 |
|
|
$ |
4.08 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
4,884,800 |
|
|
$ |
5.78 |
|
|
|
|
|
|
|
|
|
|
Cancelled |
|
|
(439,684 |
) |
|
$ |
5.46 |
|
|
|
|
|
|
|
|
|
|
Exercised |
|
|
(107,997 |
) |
|
$ |
3.84 |
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2021 |
|
|
6,444,744 |
|
|
$ |
5.28 |
|
|
|
8.7 |
|
|
$ |
613,190 |
|
|
Vested and exercisable at December 31, 2021 |
|
|
1,440,122 |
|
|
$ |
3.92 |
|
|
|
6.8 |
|
|
$ |
488,187 |
|
|
| Summary of Share-Based Compensation Expense |
Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations as follows (in thousands):
|
|
|
Years Ended
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Research and development |
|
$ |
3,136 |
|
|
$ |
544 |
|
|
General and administrative |
|
|
2,739 |
|
|
|
1,012 |
|
|
|
|
$ |
5,875 |
|
|
$ |
1,556 |
|
|
| Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance is as follows (in thousands):
|
|
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Common stock warrants |
|
|
4,235 |
|
|
|
5,032 |
|
|
Common stock options issued and outstanding |
|
|
6,445 |
|
|
|
2,226 |
|
|
Common stock available for issuance under equity
plans |
|
|
1,842 |
|
|
|
938 |
|
|
|
|
|
12,522 |
|
|
|
8,196 |
|
|
| Stock Option Grants |
|
| Schedule of Assumptions Used to Determine Fair Value |
The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:
|
|
|
Years Ended
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Risk-free interest rate |
|
|
0.9 |
% |
|
|
0.7 |
% |
|
Expected volatility |
|
|
92.8 |
% |
|
|
91.6 |
% |
|
Expected term (in years) |
|
|
6.2 |
|
|
|
6.7 |
|
|
Expected dividend yield |
|
|
— |
% |
|
|
— |
% |
|