v3.23.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2023
Stock-Based Compensation.  
Stock-Based Compensation

Note 12—Stock-Based Compensation

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Our stock option plans provide for the grant of incentive and non-qualified stock options, restricted stock awards, RSUs, and other stock awards to employees, non-employee directors and consultants.

Stock-based compensation is as follows:

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​

​

​

​

​

​

​

​

March 31, 

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2023

    

2022

​

​

(In thousands)

Continuing operations

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​

​

​

​

​

Research and development

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$

1,272

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$

1,715

Selling, general and administrative

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1,722

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2,177

Total stock-based compensation in continuing operations

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​

2,994

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​

3,892

Discontinued operations

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​

(41)

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​

—

Total stock-based compensation

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$

2,953

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$

3,892

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The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to all stock option grants:

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Three Months Ended

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​

March 31, 2023

Estimated weighted-average fair value

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$

2.34

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Weighted-average assumptions:

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​

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Expected volatility

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94

%  

Expected life, in years

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6.1

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Risk-free interest rate

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3.71

%  

Expected dividend yield

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—

%  

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Stock option activity for all stock plans and related information is as follows:

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​

​

​

​

​

​

​

​

​

​

​

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Weighted- 

    

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​

​

​

​

​

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Average 

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​

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Aggregate 

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​

​

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Exercise 

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Remaining 

​

Intrinsic 

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​

Options 

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Price per 

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Contractual Life 

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Value 

​

​

Outstanding

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Share

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(In years)

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(In thousands)

Balance at December 31, 2022

 

13,872,973

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$

11.02

 

  

 

​

  

Granted

 

38,500

​

 

3.00

 

  

 

​

  

Forfeited

 

(195,052)

​

 

10.78

 

  

 

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Balance at March 31, 2023

 

13,716,421

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$

11.00

 

5.6

​

$

2,172

Vested and expected to vest at March 31, 2023

 

13,342,280

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$

11.08

 

5.5

​

$

1,982

Exercisable at March 31, 2023

 

10,142,013

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$

12.06

 

4.5

​

$

380

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As of March 31, 2023, there were 3.6 million unvested options outstanding that will vest over a weighted-average period of 2.1 years. The total estimated compensation expense yet to be recognized on outstanding options is $17.0 million.

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The Company had 92,250 unvested RSUs outstanding as of March 31, 2023 that vest on December 1, 2023. The weighted average grant date fair value per share was $7.53.