Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.20.2
Stock-based Compensation
9 Months Ended
Sep. 30, 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 389,654 and 191,887 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of September 30, 2020, there were 161,776 shares of common stock available for future issuance under the 2014 Plan.

As of September 30, 2020, there were 14,050 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”).  During the nine months ended September 30, 2020 and 2019, there were 17,500 and 11,500 granted options of the Company’s common stock under the 2015 Plan, respectively.  

The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the nine months ended September 30, 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

 

 

526,070

 

 

$

30.55

 

 

 

7.62

 

 

$

60

 

Granted

 

 

324,437

 

 

$

8.39

 

 

 

 

 

 

 

 

 

Exercised

 

 

(166

)

 

$

8.60

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(32,486

)

 

$

26.46

 

 

 

 

 

 

 

 

 

Outstanding — September 30, 2020

 

 

817,855

 

 

$

21.92

 

 

 

7.80

 

 

$

 

Exercisable — September 30, 2020

 

 

415,309

 

 

$

33.06

 

 

 

6.81

 

 

$

 

Vested or expected to vest — September 30, 2020

 

 

817,855

 

 

$

21.92

 

 

 

7.80

 

 

$

 

 

Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the nine months ended September 30, 2020, is summarized as follows:

 

 

 

Number of

Shares

 

 

Weighted

Average

Grant Date

Fair Value

Per Share

 

Non-vested at December 31, 2019

 

 

96,637

 

 

$

14.18

 

Granted

 

 

25,695

 

 

$

8.63

 

Vested

 

 

(25,009

)

 

$

14.59

 

Forfeited/Cancelled

 

 

(17,186

)

 

$

12.67

 

Non-vested at September 30, 2020

 

 

80,137

 

 

$

12.60

 

 

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 for both the three months ended September 30, 2020 and 2019, and $1.2 million and $1.4 million for the nine months ended September 30, 2020 and 2019, respectively.  The total income tax benefit recognized in the statements of operations for share-based compensation arrangements was zero for each of the three and nine months ended September 30, 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Research and development

 

$

130

 

 

$

148

 

 

$

394

 

 

$

471

 

Selling, general and administrative

 

 

269

 

 

 

301

 

 

 

826

 

 

 

916

 

Total

 

$

399

 

 

$

449

 

 

$

1,220

 

 

$

1,387