| Stockholders' Equity | 9. Stockholders’ Equity Common Stock In July 2021, the Company filed a shelf registration statement on Form S-3 with the SEC (the “2021 Registration Statement”) (File No. 333-258333), which upon being declared effective in August 2021, allows the Company to offer up to $ 250.0 million of securities from time to time in one or more public offerings, inclusive of up to $ 75.0 million of shares of the Company’s common stock which the Company may sell, subject to certain limitations, pursuant to a sales agreement dated July 30, 2021 with Cantor Fitzgerald & Co. (the “2021 Sales Agreement”). On December 5, 2022, the Company effected a 1-for-10 reverse stock split of its outstanding common stock. The reverse stock split also affected our outstanding stock options, purchase rights and equity incentive plans and resulted in the shares underlying such instruments being reduced and the exercise price being increased proportionately. Registered Direct Offerings February 2023 Financing On February 3, 2023 , the Company entered into a securities purchase agreement with two institutional investors relating to the purchase and sale of an aggregate of (i) 1,700,000 shares of its common stock, par value $ 0.0001 per share, (ii) pre-funded warrants to purchase 300,000 shares of common stock, and (iii) accompanying common warrants, to purchase an aggregate of 2,000,000 shares of Common Stock, in a registered direct offering (the "February Offering"). The issuance date of the common stock, the pre-funded warrants and the accompanying common warrants was February 8, 2023. The aggregate net proceeds to the Company from the February Offering were approximately $ 8.8 million after deducting $ 1.2 million in placement agent fees and other offering expenses, which were allocated to warrant liabilities and included in loss on issuance of warrants on the statement of operations for the twelve months ended December 31, 2023. The pre-funded warrants were exercisable immediately following the closing date of the February Offering and have an unlimited term and an initial exercise price of $ 0.00001 per share. The common warrants were immediately exercisable and have a five-year term and an initial exercise price of $ 5.00 per share, which was lowered to $ 4.89 per share as a result of an anti-dilution provision in the common warrants issued in the February Offering that was triggered by the July Offering (as defined below) and then lowered to $ 0.51 that was triggered by the sale of our common stock in the open market in November 2023 . The combined offering price was $ 5.00 per share and accompanying common warrant, or in the case of pre-funded warrants, $ 4.99999 per pre-funded warrant and accompanying common warrant. A holder (together with its affiliates) may not exercise any portion of a pre-funded warrant or common warrant to the extent that the holder would own more than 4.99 % (or, at the election of the holder 9.99 %) of the Company’s outstanding common stock immediately after exercise. The Company accounts for the pre-funded warrants and the common warrants as current liabilities based upon the guidance of ASC 480 and ASC 815. The Company evaluated the common and pre-funded warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815-40”) and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the pre-funded warrants could be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of the Company’s common stock. Because a change of 50% or more of the Company’s common stock may not result in a change in control of the Company, the Company believes that the scope exception related to the occurrence of a fundamental transaction in ASC 815-40 is not met. The common warrants have the same characteristics as the pre-funded warrants related to the occurrence of a fundamental transaction, therefore the common warrants are also precluded from equity classification. In addition, the holder of the common warrants is permitted to receive the highest volume weighted average price ("VWAP") from the date of announcement of the fundamental transaction through the date the holder provides notice of repurchase, as a way to protect the holder against reductions in the stock price in a fundamental transaction, while allowing the holder to keep the benefits of an upside, which precludes the common warrants from being considered indexed to the Company’s stock. Since the common and pre-funded warrants meet the definition of derivatives under ASC 815, the Company records these warrants as current liabilities on the balance sheet at fair value, with subsequent changes in their respective fair values recognized in the statement of operations and comprehensive loss at each reporting date. Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock. Because liability-classified financial instruments are initially and subsequently carried at fair value, the Company’s financial results will reflect the volatility in these estimate and assumption changes. Changes in estimated fair value are recognized as a component of other income (expense) in the statement of operations. At the date of issuance, the Company valued the common warrants using a Monte-Carlo valuation model due to the presence of an alternative cashless settlement feature in the financing agreement that provides the warrant holders with an alternative settlement feature to receive a fixed percentage of the shares underlying the warrants for no consideration. Because this feature allows for the warrant holders to use an alternative mechanism to exercise their warrants in a manner that would yield different values, a Monte-Carlo valuation model was determined to be appropriate. The Monte-Carlo valuation resulted in an estimated fair value of the common warrants at issuance of $ 10.3 million. The pre-funded warrants were valued using the Black-Scholes option valuation model which is a common valuation method that is generally used for valuing warrants that are for the exercise of a fixed number of shares at a fixed exercise price per share. The Black-Scholes method was determined to be appropriate for the pre-funded warrants given the lack of alternative mechanisms to settle the warrants in a manner that would yield different values, such as an alternative cashless settlement feature. The Black-Scholes valuation resulted in an estimated fair value of the pre-funded warrants at issuance of $ 1.7 million. Since the estimated fair value of the warrants at issuance was greater than the gross proceeds of $ 10.0 million received, the Company recorded approximately $ 2.0 million (i.e., the difference of the estimated fair values of the warrants and the gross proceeds received) as a loss on issuance of warrants on the statement of operations at issuance. In September 2023, 1,400,000 shares of the common warrants were exercised in connection with the alternative cashless exercise of the warrants, the Company issued 924,000 shares to the holder. The Company recorded a gain of $ 3.4 million resulting from the exercise of the warrants in the accompanying statements of operations for the twelve months ended December 31, 2023 and recorded $ 2.8 million in additional-paid-in capital upon the issuance of the shares on the balance sheet as of December 31, 2023. In November 2023, 300,000 shares of the pre-funded warrants were exercised in connection with the cashless exercise of the warrants, the Company issued 300,000 shares to the holder. The Company recorded a gain of $ 561,000 resulting from the exercise of the pre-funded warrants in the accompanying statements of operations for the twelve months ended December 31, 2023 and recorded $ 186,000 in additional-paid-in capital upon the issuance of the shares on the balance sheet as of December 31, 2023. As of December 31, 2023, common warrants to purchase 600,000 shares of the Company's common stock were outstanding. At December 31, 2023, the Company updated the estimated fair value of the outstanding common warrants using a Monte-Carlo valuation model resulting in an estimated fair value of $ 312,000 , a decrease of $ 2.8 million for these common warrants on the issuance date. As of December 31, 2023, there were no pre-funded warrants outstanding. The total gain of $ 7.2 million and $ 1.6 million resulting from the change in the estimated fair value of the liabilities for the common warrants and pre-funded warrants was recorded as a change in the estimated fair value of warrant liabilities in the accompanying statements of operations for the twelve months ended December 31, 2023, respectively. The common warrant liability will be adjusted to estimated fair value at each balance sheet date until the warrants are settled. Changes in the estimated fair value of the warrant liabilities are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss. July 2023 Financing On July 19, 2023 , the Company entered into a securities purchase agreement with several institutional investors relating to the purchase and sale of an aggregate of (i) 2,991,027 shares of its common stock, par value $ 0.0001 per share, and (ii) accompanying common warrants to purchase an aggregate of 2,991,027 shares of Common Stock, in a registered direct offering (the “July Offering”). The issuance date of the common stock and the accompanying common warrants was July 21, 2023 . The aggregate net proceeds to the Company from the July Offering were approximately $ 13.9 million after deducting $ 1.1 million in placement agent fees and other offering expenses. The common warrants were immediately exercisable and have a five-year term and an initial exercise price of $ 4.89 per share. The combined offering price was $ 5.015 per share and accompanying common warrant. A holder (together with its affiliates) may not exercise any portion of the common warrants to the extent that the holder would own more than 4.99 % (or, at the election of the holder 9.99 %) of the Company’s outstanding common stock immediately after exercise. The common stock and common warrants are separate freestanding instruments. The estimated fair value of the common stock issued in the July Offering as of the date of issuance (i.e., July 21, 2023) was $ 9.1 million, which was the number of shares of 2,991,027 multiplied by the price per share as of the date of issuance of $ 3.05 per share. The common stock issued in the July Offering was classified as equity on the Company’s balance sheet. The Company allocated the offering expenses related to the July 2023 offering of $ 1.1 million based on the relative fair values of common stock and common warrants issued. The Company recognized an expense for the amount allocated to the common warrants of $ 427,000 (included within other expense, net) upon the closing of the offering in the twelve months ended December 31, 2023. The Company recorded the amount allocated to the common stock of $ 673,000 as a reduction in additional paid-in capital on its balance sheets as of December 31, 2023. The Company accounted for the common warrants issued in the July Offering as current liabilities based upon the guidance of ASC 815. The Company evaluated the common warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815-40”) and concluded that they do not meet the criteria to be classified in stockholders’ equity. Upon a fundamental transaction, holders of the common warrants are permitted to settle warrants for a value determined using the Black Scholes formula that incorporates a leveraged common stock price. Specifically, for purposes of the calculation, the stock price is determined as the higher of the VWAP measured over the period from the date of announcement of the fundamental transaction through the date the holder provides notice of repurchase, and the value received by common stockholders in such fundamental transaction. This in effect protects the holder against reductions in the stock price that may result from a fundamental transaction, while allowing the holder to keep the benefits of an upside. This feature precludes the common warrants from being considered indexed to the Company’s stock. Since the common warrants meet the definition of derivatives under ASC 815, the Company recorded these warrants as current liabilities on the balance sheet at the estimated fair value, with subsequent changes in their respective estimated fair values recognized in the statement of operations and comprehensive loss at each reporting date. Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock. Because liability-classified financial instruments are initially and subsequently carried at fair value, the Company’s financial results will reflect the volatility in these estimate and assumption changes. Changes in fair value are recognized as a component of other income (expense) in the statement of operations. The Company valued the common warrants issued in the July Offering using the Black-Scholes option valuation model. The Black-Scholes method was determined to be appropriate given the lack of alternative mechanisms to settle the warrants in a manner that would yield different values, such as an alternative cashless settlement feature. The fair value of these warrants as of the issuance date and as of December 31, 2023 were $ 5.8 million and $ 912,000 , respectively. The gain of $ 4.9 million resulting from the change in the fair value of the liability for these warrants was recorded as a change in estimated fair value of warrant liabilities in the accompanying statements of operations for the twelve months ended December 31, 2023. The common warrant liability will be adjusted to estimated fair value at each balance sheet date until the warrants are settled. Changes in the estimated fair value of the warrant liabilities are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss. As of December 31, 2023, no ne of the warrants issued in the July Offering have been exercised. Common warrants to purchase 2,991,027 shares of the Company's common stock were outstanding with an exercise price of $ 4.89 per share. ATM Financings During the twelve months ended December 31, 2023, the Company raised net proceeds (net of commissions) of approximately $ 1.6 million from the sale of approximately 1.6 million shares of the Company’s common stock in the open market at a weighted average price of $ 0.98 per share pursuant to the 2021 Registration Statement and the 2021 Sales Agreement. As of March 26, 2024, the Company had up to $ 222.7 million of the Company’s securities available for sale under the 2021 Registration Statement, of which $ 72.7 million of the Company’s common stock are available pursuant to the 2021 Sales Agreement. Description of Stock-Based Compensation Plans 2000 Stock Plan (Incentive Stock Plan) In January 2000, the Company’s Board of Directors and stockholders adopted the DURECT Corporation 2000 Stock Plan, under which incentive stock options and non-statutory stock options and stock purchase rights may be granted to employees, consultants and non-employee directors. The 2000 Stock Plan was amended by written consent of the Board of Directors in March 2000 and written consent of the stockholders in August 2000. In April 2005, the Board of Directors approved certain amendments to the 2000 Stock Plan. At the Company’s annual stockholders meeting in June 2005, the stockholders approved the amendments of the 2000 Stock Plan to: (i) expand the types of awards that the Company may grant to eligible service providers under the Stock Plan to include restricted stock units, stock appreciation rights and other similar types of awards (including other awards under which recipients are not required to pay any purchase or exercise price) as well as cash awards; and (ii) include certain performance criteria that may be applied to awards granted under the Stock Plan. At the Company’s annual stockholders meeting in June 2010, the stockholders approved amendments of the 2000 Stock Plan to: (i) provide that the number of shares that remain available for issuance will be reduced by two shares for each share issued pursuant to an award (other than an option or stock appreciation right) granted on or after the date of the 2010 Annual Meeting; (ii) expand the types of transactions that might be considered repricings and option exchanges for which stockholder approval is required; (iii) provide that shares tendered or withheld in payment of the exercise price of an option or withheld to satisfy a withholding obligation, and all shares with respect to which a stock appreciation right is exercised, will not again be available for issuance under the Stock Plan; (iv) require that options and stock appreciation rights have an exercise price or base appreciation amount that is at least fair market value on the grant date, except in connection with certain corporate transactions, and that stock appreciation rights may not have longer than a 10 -year term; (v) add new performance goals that may be used to provide “performance-based compensation” under the 2000 Stock Plan; (vi) extend the term of the 2000 Stock Plan to the date that is ten ( 10 ) years following the stockholders meeting; and (vii) expand the treatment of outstanding awards in connection with certain changes of control of the Company to cover mergers in which the consideration payable to stockholders is not solely securities of the successor corporation. At the Company’s annual stockholders meeting in June 2011, June 2014, June 2016 and June 2018, the stockholders approved amendments of the 2000 Stock Plan to increase the number of shares of the Company’s common stock available for issuance by 550,000 shares, 400,000 shares, 500,000 shares and 750,000 shares, respectively, each of which had previously been approved by the Board of Directors. At the Company’s annual stockholders meeting in June 2019, the stockholders approved an amendment of the 2000 Stock Plan to extend the term of the 2000 Stock Plan to the date that is ten ( 10 ) years following the stockholders meeting. In April 2013, the Board of Directors approved certain amendments to the 2000 Stock Plan to: (i) increase the number of stock options granted to a non-employee director on the date which such person first becomes a director from 3,000 to 7,000 shares of common stock; each option shall have a ten-year term, become exercisable in installments of one-third of the total number of options granted on each anniversary of the grant and have a two-year period following termination of Director status in which the former director can exercise the option; (ii) modify the exercise period for future option grants to a non-employee director in which a former director can exercise the option following termination of Director status from a one year period to a two-year period. Options granted under the 2000 Stock Plan expire no later than ten years from the date of grant. Options may be granted with different vesting terms from time to time not to exceed five years from the date of grant. The option price of an incentive stock option granted to an employee or of a nonstatutory stock option granted to any person who owns stock representing more than 10 % of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary) shall be no less than 110 % of the fair market value per share on the date of grant. The option price of an incentive stock option granted to any other employee shall be no less than 100 % of the fair market value per share on the date of grant. At the Company’s annual stockholders meeting in June 2022, the stockholders approved an amendment of the 2000 Stock Plan to increase the number of shares of the Company’s common stock available for issuance by 1,800,000 shares and to extend the term of the 2000 Stock Plan to the date that is ten ( 10 ) years following the stockholders meeting. A total of 6,429,650 shares of common stock have been reserved for issuance under this plan. The plan expires in June 2032 . As of December 31, 2023, 885,208 shares of common stock were available for future grant and options to purchase 4,128,259 shares of common stock were outstanding under the 2000 Stock Plan. 2000 Employee Stock Purchase Plan In August 2000, the Company adopted the 2000 Employee Stock Purchase Plan. This purchase plan is implemented by a series of overlapping offering periods of 24 months’ duration, with new offering periods, other than the first offering period, beginning on May 1 and November 1 of each year and ending April 30 and October 31, respectively, two years later. The purchase plan allows eligible employees to purchase common stock through payroll deductions at a price equal to the lower of 85 % of the fair market value of the Company’s common stock at the beginning of each offering period or at the end of each purchase period. The initial offering period commenced on the effectiveness of the Company’s initial public offering. In April 2010, the Board of Directors approved certain amendments to the 2000 Employee Stock Purchase Plan. At the Company’s annual stockholders meeting in June 2010, the stockholders approved the amendment of the 2000 Employee Stock Purchase Plan to: (i) increase the number of shares of our common stock authorized for issuance under the ESPP by 25,000 shares; (ii) extend the term of the ESPP to the date that is ten ( 10 ) years following the stockholders meeting; (iii) provide for six-month consecutive offering periods beginning on November 1, 2010; (iv) revise certain provisions to reflect the final regulations issued under Section 423 of the Code by the Internal Revenue Service; and (v) provide for the cash-out of options outstanding under an offering period in effect prior to the consummation of certain corporate transactions as an alternative to providing for a final purchase under such offering period. In March 2015, the Board of Directors approved certain amendments to the 2000 Employee Stock Purchase Plan. At the Company’s annual stockholders meeting in June 2015, the stockholders approved the amendments of the 2000 Employee Stock Purchase Plan to: (i) increase the number of shares of our common stock authorized for issuance under the ESPP by 35,000 shares; and (ii) extend the term of the ESPP to the date that is ten ( 10 ) years following the stockholders meeting. At each of the Company’s annual stockholders meeting in June 2017 and in June 2020, the stockholders approved amendments of the 2000 Employee Stock Purchase Plan to increase the number of shares our common stock authorized for issuance under the ESPP by 35,000 shares and to re-approve its material terms. At the Company’s annual stockholders meeting in June 2023, the stockholders approved amendments of the 2000 Employee Stock Purchase Plan to increase the number of shares of our common stock authorized for issuance under the ESPP by 40,000 shares and to re-approve its material terms. The plan expires in June 2033. A total of 365,000 shares of common stock have been reserved for issuance under this plan. As of December 31, 2023, 55,667 shares of common stock were available for future grant and 309,333 shares of common stock have been issued under the 2000 Employee Stock Purchase Plan. As of December 31, 2023, shares of common stock reserved fo r future issuance consisted of the following:
December 31,
Stock options outstanding 4,128,259
Stock options available for grant 885,208
Employee Stock Purchase Plan 55,667
5,069,134 A summary of stock option activity under all stock-based compensation plans is as follows:
Number of Weighted Weighted Aggregate
Outstanding at December 31, 2022 2,843,416 $ 12.97 4.82 $ —
Options granted 1,756,727 $ 4.36
Options exercised ( 1,077 ) $ 5.07
Options forfeited ( 52,340 ) $ 9.83
Options expired ( 418,467 ) $ 12.76
Outstanding at December 31, 2023 4,128,259 $ 9.37 6.22 $ —
Exercisable at December 31, 2023 2,596,670 $ 11.52 4.54 $ —
Vested and expected to vest at 4,128,259 $ 9.37 6.22 $ — The weighted-average grant date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $ 4.36 , $ 7.76 and $ 19.38 per share, respectively. The aggregate intrinsic value in the table above represents the total intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on December 31, 2023. This amount changes based on the fair market value of the Company’s common stock. The total value of options exercised was $ 1,400 , $ 2,300 and $ 3.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Expenses for non-employee stock options are recorded over the vesting period of the options, which closely approximates the non-employee’s performance period, with the value determined by the Black-Scholes option valuation method and remeasured over the vesting term. As of December 31, 2023, the Company had three stock-based equity compensation plans, which are described above. The employee stock-based compensation cost that has been included in the statements of operations and comprehensive loss is shown as below (in thousands):
Year ended December 31,
2023 2022 2021
Cost of product revenues $ 17 $ 20 $ 19
Research and development 1,163 1,215 1,245
Selling, general and administrative 1,358 1,222 1,424
$ 2,538 $ 2,457 $ 2,688 Because the Company had a net operating loss carryforward as of December 31, 2023, no excess tax benefits for the tax deductions related to stock-based compensation were recognized in the statement of operations. Additionally, no incremental tax benefits were recognized from stock options exercised during 2023, which would have resulted in a reclassification to reduce net cash provided by operating activities with an offsetting increase in net cash provided by financing activities. Determining Fair Value Valuation and Expense Recognition. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model. The Company recognizes the expense on a straight-line basis. The expense for options is recognized over the requisite service periods of the awards, which is generally the vesting period. Expected Term. The expected term of options granted represents the period of time that the options are expected to be outstanding. The Company determines the expected life using historical options experience. This develops the expected life by taking the weighted average of the actual life of options exercised and cancelled and assumes that outstanding options are exercised uniformly from the current holding period through the end of the contractual life. Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of the Company’s common stock. Risk-Free Rate. The Company bases the risk-free rate that it uses in the Black-Scholes option valuation model on the implied yield in effect at the time of option grant on U.S. Treasury zero-coupon issues with substantially equivalent remaining terms. Dividends. The Company has never paid any cash dividends on its common stock and the Company does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company used the following assumptions to estimate the fair value of options granted and shares purchased under its stock plans and employee stock purchase plan for the years ended December 31, 2023, 2022 and 2021:
Year ended December 31,
2023 2022 2021
Stock Options
Risk-free rate 4.0 - 4.2 % 1.8 - 4.2 % 0.8 - 1.5 %
Expected dividend yield — — —
Expected term (in years) 7.0 - 7.5 7.0 - 7.3 7.0 - 7.8
Volatility 87 - 88 % 83 - 86 % 85 - 86 %
Forfeiture rate (1) 0.0 % 0.0 % 0.0 % (1) The Company accounts for forfeitures as they occur.
Year ended December 31,
2023 2022 2021
Employee Stock Purchase Plan
Risk-free rate 4.6 - 5.1 % 0.04 - 1.49 % 0.04 %
Expected dividend yield — — —
Expected term (in years) 0.5 0.5 0.5
Volatility 88 - 104 % 56 - 80 % 56 - 71 % There were 9,788 , 13,575 and 11,367 shares purchased under the Company’s employee stock purchase plan during the years ended December 31, 2023, 2022 and 2021, respectively. Included in the statements of operations and comprehensive loss for the year ended December 31, 2023, 2022 and 2021 was $ 5,300 , $ 19,000 and $ 57,000 , respectively, in stock-based compensation expense related to the recognition of expenses related to shares purchased under the Company’s employee stock purchase plan. As of December 31, 2023, $ 3.3 million of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over the respective vesting terms of each award through 2027. The weighted average term of the unrecognized stock-based compensation expense is 2.2 years. The following table summarizes information about stock options outstanding at December 31, 2023:
Options Outstanding Options Exercisable
Range of Number of Weighted- Weighted- Number of Weighted-
$ 3.12 -$ 3.12 350 9.62 $ 3.12 — $ —
$ 3.32 -$ 3.32 715,000 9.64 $ 3.32 — $ —
$ 4.00 -$ 4.93 72,250 8.30 $ 4.54 25,600 $ 4.56
$ 5.07 -$ 5.07 980,745 8.44 $ 5.07 537,444 $ 5.07
$ 5.15 -$ 8.71 700,800 6.49 $ 7.04 484,810 $ 6.61
$ 8.80 -$ 12.40 614,788 2.31 $ 11.12 612,335 $ 11.12
$ 12.60 -$ 17.70 426,987 3.07 $ 14.19 416,987 $ 14.11
$ 18.70 -$ 21.10 524,111 4.15 $ 20.71 430,095 $ 20.77
$ 21.90 -$ 27.70 75,728 5.57 $ 24.32 71,899 $ 24.33
$ 28.00 -$ 28.00 17,500 1.45 $ 28.00 17,500 $ 28.00
$ 3.12 - $ 28.00 4,128,259 6.22 $ 9.37 2,596,670 $ 11.52 The Company received $ 5,500 , $ 8,000 and $ 3.4 million and $ 3.2 million in cash from option exercises under all stock-based compensation plans for the years ended December 31, 2023, 2022 and 2021, respectively. |
