Warrants (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule 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 months ended March 31, 2023 and 2022 (in thousands):

	Three months ended March 31,
	2023		2022
Research and development	$	4,135	$	6,980
Selling, general and administrative	5,701		13,700
Total	$	9,836	$	20,680

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

The fair value of the warrants upon the expiration of the option period was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (year)	0.9
Expected volatility	116.4		%
Expected dividend rate	—		%
Risk free rate	4.7		%
Estimated fair value per warrant	$	0.57
Exercise price	$	1.05
Stock price	$	1.20

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)	5.0
Expected volatility	106.8		%
Expected dividend rate	—		%
Risk free rate	3.78		%
Estimated fair value per warrant	$	0.80
Exercise price	$	1.30
Stock price	$	1.05