Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.20.1
Stock-based Compensation
3 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation

9.

Stock-based Compensation

Pursuant to the terms of the Company’s 2014 Equity Incentive Plan (“2014 Plan”), on January 1, 2020 and 2019, the Company automatically added 3,896,548 and 1,918,879 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of March 31, 2020, there were 1,900,861 shares of common stock available for future issuance under the 2014 Plan.

As of March 31, 2020, there were 315,500 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”).  During the three months ended March 31, 2020 and 2019, there were no granted options of the Company’s common stock under the 2015 Plan.  

The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the three months ended March 31, 2020, is summarized as follows:

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic

Value ($000)

 

Outstanding — December 31, 2019

 

 

5,261,860

 

 

$

3.06

 

 

 

7.62

 

 

$

60

 

Granted

 

 

2,563,400

 

 

$

0.86

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(140,498

)

 

$

1.80

 

 

 

 

 

 

 

 

 

Outstanding — March 31, 2020

 

 

7,684,762

 

 

$

2.35

 

 

 

8.11

 

 

$

28

 

Exercisable — March 31, 2020

 

 

3,326,023

 

 

$

3.89

 

 

 

6.63

 

 

$

23

 

Vested or expected to vest — March 31, 2020

 

 

7,684,762

 

 

$

2.35

 

 

 

8.11

 

 

$

28

 

 

Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the three months ended March 31, 2020, is summarized as follows:

 

 

Number of

Shares

 

 

Weighted

Average

Grant Date

Fair Value

Per Share

 

Non-vested at December 31, 2019

 

 

966,394

 

 

$

1.42

 

Granted

 

 

256,950

 

 

$

0.86

 

Vested

 

 

(231,439

)

 

$

1.46

 

Forfeited/Cancelled

 

 

(129,391

)

 

$

1.26

 

Non-vested at March 31, 2020

 

 

862,514

 

 

$

1.26

 

The fair value of RSUs is based on the market price of the Company’s common stock on the date of grant.  RSUs generally vest 25% annually over a four-year period from the date of grant. Upon vesting, the RSUs are net share settled to cover the required withholding tax with the remaining shares issued to the holder.  The Company recognizes compensation expense for such awards ratably over the corresponding vesting period.

Compensation Cost

The compensation cost that has been charged against income for stock awards under the 2014 Plan and the 2015 Plan was $0.4 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively.  The total income tax benefit recognized in the statements of operations for share-based compensation arrangements was zero for both the three months ended March 31, 2020 and 2019. Cash received from options exercised was zero for both the three months ended March 31, 2020 and 2019.  

Stock-based compensation expense related to stock options is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Research and development

 

$

136

 

 

$

158

 

Selling, general and administrative

 

 

274

 

 

 

334

 

Total

 

$

410

 

 

$

492