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Share-Based Payment Awards (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the three months ended March 31, 2022:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Options			Price		Life		Value
						(in years)		(in thousands)
Outstanding at January 1, 2022		2,517,680		$	16.49
Granted		1,473,800			10.49
Exercised		(4,223	)		9.44
Forfeited		(13,155	)		13.39
Outstanding at March 31, 2022		3,974,102		$	14.29		8.57	$	3,255
Exercisable at March 31, 2022		1,202,550		$	20.35		6.64	$	122

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards during the three months ended March 31, 2022, the Company applied the Black-Scholes option pricing model based on the following key assumptions:

Option life (in years)		5.50 - 6.08
Stock volatility		76% - 78%
Risk-free interest rate		1.46% - 2.12%
Expected dividends		0.0%

Summary of Information about Stock Options

The following table summarizes information about employee, non-executive director and external consultant stock options for the three months ended March 31, 2022 (in thousands except per share amount):

	Three Months
	Ended
	Mar 31, 2022
Weighted-average grant date fair value per share	$	7.06
Total cash received from exercise of stock options		40
Total intrinsic value of stock options exercised		13

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the three months ended March 31, 2022:

				Weighted
	Number of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
Nonvested at January 1, 2022		291,575		$	13.19
Granted		403,500			10.13
Vested		(132,724	)		13.57
Forfeited		(2,765	)		13.51
Nonvested at March 31, 2022		559,586		$	10.89

Compensation Expense from Stock-Based Payment Awards

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended March 31, 2022 and 2021, respectively, as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Compensation expense included in:
Research and development	$	1,473	$	484
Sales and marketing		409		263
General and administrative		1,595		241
	$	3,477	$	988