Note 13 - Stock-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Notes To Financial Statements [Abstract] |
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| Share-based Payment Arrangement, Option, Activity |
Stock option transactions for the year ended December 31, 2023 and December 31, 2022, are summarized as follows:
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Options |
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Weighted average
exercise price |
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Weighted
average
remaining
contractual
life (years) |
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Aggregate
Intrinsic
Value |
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(in thousands) |
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Outstanding, December 31, 2021 |
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1,007 |
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$ |
69.15 |
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Granted |
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420 |
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17.85 |
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Exercised |
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(1 |
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16.20 |
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Forfeited |
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(326 |
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57.60 |
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Outstanding, December 31, 2022 |
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1,100 |
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$ |
52.20 |
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Granted |
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217 |
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9.87 |
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Exercised |
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0 |
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Forfeited |
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(133 |
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50.87 |
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Outstanding, December 31, 2023 |
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1,184 |
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$ |
44.78 |
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6.9 |
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$ |
— |
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Exercisable, December 31, 2023 |
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714 |
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$ |
59.00 |
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5.9 |
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$ |
— |
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Vested and expected to vest, December 31, 2023 |
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1,099 |
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$ |
46.46 |
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6.8 |
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$ |
— |
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| 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:
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Year ended December 31, 2023 |
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Year ended December 31, 2022 |
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Risk-free interest rate |
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3.42 |
% |
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2.17 |
% |
Expected dividend yield |
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— |
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— |
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Expected volatility |
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80.3 |
% |
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82.7 |
% |
Expected life of options (years) |
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5 |
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5 |
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Grant date fair value |
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$ |
6.53 |
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$ |
11.85 |
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| Schedule of Share-based Payment Award, Options, Grants in Period |
The following table presents the vesting terms of options granted in the period:
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Year ended December 31, 2023 |
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Year ended December 31, 2022 |
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Options |
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Options |
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(in thousands) |
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(in thousands) |
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3-year vesting (50%-25%-25%) |
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48 |
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28 |
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4-year vesting (50%-16 2/3%-16 2/3%-16 2/3%) |
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169 |
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352 |
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Earlier of performance criteria or 4 years |
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— |
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40 |
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Total stock options granted in the year |
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217 |
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420 |
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| Share-based Payment Arrangement, Vesting and Redemption of the RSUs Granted |
The following table presents the vesting and redemption of the RSUs granted in the year ended December 31, 2023. No RSUs were granted in the year ended December 31, 2022.
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Year ended
December 31, 2023 |
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Year ended
December 31, 2022 |
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Number of options
(in thousands) |
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Weighted average grant date fair value |
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Number of options
(in thousands) |
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Weighted average grant date fair value |
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Outstanding, beginning of period |
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- |
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$ |
- |
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- |
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$ |
- |
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Granted |
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38 |
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9.90 |
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- |
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- |
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Vested and redeemed |
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(38 |
) |
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(9.90 |
) |
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- |
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- |
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Outstanding, ending of period |
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- |
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$ |
- |
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- |
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$ |
- |
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| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The Company recorded share-based payment expense related to stock options and RSUs as follows:
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Year ended December 31, 2023 |
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Year ended December 31, 2022 |
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Research and development |
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$ |
1,373 |
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$ |
2,218 |
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General and administrative |
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2,280 |
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2,989 |
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Total |
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$ |
3,653 |
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$ |
5,207 |
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