Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes the Company’s stock-based compensation expense by line item for the three and nine months ended period presented in the condensed consolidated statements of operations (in millions):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Research and development	$	8.2	$	5.8	$	23.4	$	22.6
Selling, general and administrative	11.3		13.3		37.5		67.1
Total	$	19.5	$	19.1	$	60.9	$	89.7

The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)	10
Risk free interest rate	3.0		%
Expected volatility	91.3		%
Dividend yield	—		%
Exercise price	$	2.15
Stock price	$	3.63