Annual report pursuant to Section 13 and 15(d)

Note 12 - Stock-based Compensation (Tables)

v3.23.1
Note 12 - Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Notes To Financial Statements [Abstract]  
Share-based Payment Arrangement, Option, Activity

Stock option transactions for the year ended December 31, 2022 and December 31, 2021, are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

 

Weighted average
exercise price

 

 

Weighted
average
remaining
contractual
life (years)

 

 

Aggregate
Intrinsic
Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2020

 

 

11,942

 

 

$

4.97

 

 

 

 

 

 

 

Granted

 

 

4,659

 

 

 

3.84

 

 

 

 

 

 

 

Exercised

 

 

(82

)

 

 

2.32

 

 

 

 

 

 

 

Forfeited

 

 

(1,407

)

 

 

5.38

 

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

15,112

 

 

$

4.61

 

 

 

 

 

 

 

Granted

 

 

6,295

 

 

 

1.19

 

 

 

 

 

 

 

Exercised

 

 

(14

)

 

 

1.08

 

 

 

 

 

 

 

Forfeited

 

 

(4,890

)

 

 

3.84

 

 

 

 

 

 

 

Outstanding, December 31, 2022

 

 

16,503

 

 

$

3.48

 

 

 

6.8

 

 

$

 

Exercisable, December 31, 2022

 

 

8,251

 

 

$

4.52

 

 

 

5.4

 

 

$

 

Vested and expected to vest, December 31, 2022

 

 

15,263

 

 

$

3.57

 

 

 

6.7

 

 

$

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents the weighted average assumptions that were used in the Black‑Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values:

 

 

 

Year ended December 31, 2022

 

 

Year ended December 31, 2021

 

Risk-free interest rate

 

 

2.17

%

 

 

0.59

%

Expected dividend yield

 

 

 

 

 

 

Expected volatility

 

 

82.7

%

 

 

81.8

%

Expected life of options (years)

 

 

5

 

 

 

5

 

Grant date fair value

 

$

0.79

 

 

$

2.47

 

Schedule of Share-based Payment Award, Options, Grants in Period

The following table presents the vesting terms of options granted in the period:

 

 

 

Year ended December 31, 2022

 

 

Year ended December 31, 2021

 

 

 

Options

 

 

Options

 

 

 

(in thousands)

 

 

(in thousands)

 

Cliff vesting after one year anniversary

 

 

 

 

 

 

3-year vesting (50%-25%-25%)

 

 

425

 

 

 

430

 

4-year vesting (50%-16 2/3%-16 2/3%-16 2/3%)

 

 

5,270

 

 

 

3,429

 

Earlier of performance criteria or 4 years

 

 

600

 

 

 

800

 

Total stock options granted in the year

 

 

6,295

 

 

 

4,659

 

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded share-based payment expense related to stock options and RSUs as follows:

 

 

 

Year ended December 31, 2022

 

 

Year ended December 31, 2021

 

Research and development

 

$

2,218

 

 

$

3,789

 

General and administrative

 

 

2,989

 

 

 

9,160

 

Total

 

$

5,207

 

 

$

12,949