Annual report pursuant to Section 13 and 15(d)

Redeemable Preferred Stock and Stockholders' Equity (Tables)

v3.23.1
Redeemable Preferred Stock and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Warrant Activity

The following table summarizes the activity in shares of BIOLASE common stock that warrants are exercisable to (in thousands, except per share data):

 

 

 

 

 

 

Weighted-
Average

 

 

 

 

 

 

Exercise Price

 

 

 

Shares

 

 

Per Share

 

Warrants outstanding at January 1, 2020

 

 

83

 

 

$

157.50

 

Granted or Issued

 

 

2,240

 

 

$

10.50

 

Exercised

 

 

(154

)

 

$

10.00

 

Forfeited, cancelled, or expired

 

 

(1

)

 

$

500.00

 

Warrants outstanding at December 31, 2020

 

 

2,168

 

 

$

15.50

 

Granted or Issued

 

 

—

 

 

$

—

 

Exercised

 

 

(1,432

)

 

$

10.75

 

Forfeited, cancelled, or expired

 

 

(16

)

 

$

250.00

 

Warrants outstanding at December 31, 2021

 

 

720

 

 

$

19.98

 

Granted or Issued

 

 

2,132

 

 

$

3.05

 

Exercised

 

 

(727

)

 

$

—

 

Forfeited, cancelled, or expired

 

 

(31

)

 

$

225.00

 

Warrants outstanding at December 31, 2022

 

 

2,094

 

 

$

10.17

 

Warrants exercisable at December 31, 2022

 

 

2,094

 

 

$

10.17

 

Vested warrants expired during the 12 months ended
   December 31, 2022

 

 

(31

)

 

$

225.00

 
Summary of Option Activity The following table summarizes option activity under the 2002 Plan and the 2018 Plan (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Weighted-
Average

 

 

Average
Remaining

 

 

Aggregate

 

 

 

 

 

 

Exercise Price

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Per Share

 

 

Term (Years)

 

 

Value(1)

 

Options outstanding at January 1, 2020

 

 

52

 

 

$

144.25

 

 

 

 

 

 

 

Granted at fair market value

 

 

50

 

 

$

9.50

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(6

)

 

$

171.75

 

 

 

 

 

 

 

Options outstanding at December 31, 2020

 

 

96

 

 

$

74.00

 

 

7.2

 

 

$

53

 

Granted at fair market value

 

 

3

 

 

$

20.00

 

 

 

 

 

 

 

Exercised

 

 

(14

)

 

$

9.50

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(15

)

 

$

179.25

 

 

 

 

 

 

 

Options outstanding at December 31, 2021

 

 

70

 

 

$

62.01

 

 

7.1

 

 

$

15

 

Granted at fair market value

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(18

)

 

$

22.82

 

 

 

 

 

 

 

Options outstanding at December 31, 2022

 

 

52

 

 

$

74.95

 

 

 

5.8

 

 

$

—

 

Options exercisable at December 31, 2022

 

 

50

 

 

$

77.11

 

 

 

5.7

 

 

$

—

 

Vested options expired during the twelve months
   ended December 31, 2022

 

 

—

 

 

$

—

 

 

 

 

 

 

 

 

(1)
The intrinsic value calculation does not include negative values. This can occur when the fair market value on the reporting date is less than the exercise price of a grant.
Additional Information of Option Activity

The following table summarizes additional information for those options that are outstanding and exercisable as of December 31, 2022 (in thousands, except per share data):

 

 

 

Options Outstanding

 

 

Exercisable

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

Average

 

 

 

Number

 

 

Exercise Price

 

 

Remaining

 

 

Number

 

 

Exercise Price

 

Range of Exercise Prices

 

of Shares

 

 

Per Share

 

 

Life (Years)

 

 

of Shares

 

 

Per Share

 

$7.25 - $8.31

 

 

1

 

 

$

7.25

 

 

 

8.0

 

 

 

—

 

 

$

7.25

 

$8.32 - $11.94

 

 

21

 

 

$

9.38

 

 

 

7.4

 

 

 

21

 

 

$

9.38

 

$11.95 - $52.00

 

 

7

 

 

$

28.93

 

 

 

6.7

 

 

 

6

 

 

$

30.96

 

$52.01 - $129.38

 

 

12

 

 

$

59.08

 

 

 

5.0

 

 

 

12

 

 

$

59.12

 

$129.39 - $330.00

 

 

11

 

 

$

240.41

 

 

 

2.9

 

 

 

11

 

 

$

240.41

 

Total

 

 

52

 

 

$

74.95

 

 

 

5.8

 

 

 

50

 

 

$

77.11

 

 
Cash Proceeds, Along With Fair Value Disclosures Related to Grants, Exercises, and Vesting Options

Cash proceeds, along with fair value disclosures related to grants, exercises, and vesting options, are as follows for the years ended December 31 (in thousands, except per share amounts):

 

 

 

Years Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Proceeds from stock options exercised

 

$

—

 

 

$

132

 

 

$

—

 

Tax benefit related to stock options exercised(1)

 

N/A

 

 

N/A

 

 

N/A

 

Intrinsic value of stock options exercised(2)

 

$

—

 

 

$

82

 

 

$

—

 

Weighted-average fair value of options granted per share

 

$

—

 

 

$

0.66

 

 

$

0.29

 

Total fair value of shares vested during the year

 

$

42

 

 

$

404

 

 

$

227

 

 

(1)
Excess tax benefits received related to stock option exercises are presented as operating cash inflows. For the periods presented, the Company did not receive a tax benefit related to the exercise of stock options due to its 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 stock on the date of grant.
Summary of Restricted Stock Units Activity

The following table summarize RSU activity under the 2002 and 2018 Plans (in thousands):

 

 

 

Shares

 

Unvested RSUs at January 1, 2020

 

 

143

 

Granted

 

 

125

 

Vested

 

 

(109

)

Forfeited or cancelled

 

 

(12

)

Unvested RSUs at December 31, 2020

 

 

147

 

Granted

 

 

124

 

Vested

 

 

(153

)

Forfeited or cancelled

 

 

(24

)

Unvested RSUs at December 31, 2021

 

 

94

 

Granted

 

 

517

 

Vested

 

 

(166

)

Forfeited or cancelled

 

 

(5

)

Unvested RSUs at December 31, 2022

 

 

440