BIOLASE, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Redeemable Preferred Stock and Stockholders' Equity (Tables)

Redeemable Preferred Stock and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Income Statement Classification of Compensation Expense

The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Cost of revenue	$	18	$	20
Sales and marketing		197		99
General and administrative		429		48
Engineering and development		47		42
Total	$	691	$	209

Summary of Option Activity

A summary of option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data):


			Weighted		Weighted Average Remaining
			Average		Contractual		Aggregate
	Shares		Exercise Price		Term (Years)		Intrinsic Value(1)
Options outstanding as of December 31, 2022		52	$	74.95		5.8	$	—
Forfeited, cancelled, or expired		—	$	237.92		—	$	—
Options outstanding as of March 31, 2023		52	$	74.20		5.5	$	—
Options exercisable as of March 31, 2023		50	$	75.98		5.4	$	—
Vested options expired during the period ended March 31, 2023		—	$	—

(1)

The intrinsic value calculation does not include negative values, which can occur when the fair market value on the reporting date is less than the exercise price of the award.

Summary of Unvested Stock Option Activity

A summary of unvested stock option activity for the three months ended March 31, 2023 is as follows (in thousands, except per share data):


			Weighted
			Average Grant
	Shares		Date Fair Value
Unvested options as of December 31, 2022		2	$	14.38
Vested		—	$	16.99
Unvested options as of March 31, 2023		2	$	13.81

Fair Value Disclosures Related to Grants, Exercises and Vesting Options

Fair value disclosures related to grants, exercises and vested options are as follows (in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2023		2022
Total fair value of stock options vested during the period	$	6	$	14

(1)

Excess tax benefits received related to stock option exercises are presented as operating cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses.

(2)

The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the options.

Stock Option Activity

There were no option grants or exercises during the three months ended March 31, 2023 and 2022.

Summary of Unvested Restricted Stock Units

A summary of unvested RSU activity for the three months ended March 31, 2023 is as follows (in thousands, except per share amounts):


				Weighted
				Average Grant
	Shares			Date Fair Value
Unvested RSUs as of December 31, 2022		440		$	5.27
Vested		(9	)	$	16.06
Unvested RSUs as of March 31, 2023		431		$	5.04

Summary of Warrant Activity

A summary of warrant activity for the three months ended March 31, 2023 is as follows (in thousands, except exercise price amounts):


				Weighted
				Average
	Shares			Exercise Price
Warrants outstanding as of December 31, 2022		2,094		$	6.58
Granted or Issued		11,404		$	0.01
Exercised		(1,429	)	$	0.01
Warrants outstanding as of March 31, 2023		12,069		$	1.15
Warrants exercisable as of March 31, 2023		12,069		$	1.15
Vested warrants expired during the period ended March 31, 2023		—		$	—