Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.21.2
Stock-based Compensation
9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation

8.

Stock-based Compensation

Pursuant to the terms of the Company’s 2014 Equity Incentive Plan (“2014 Plan”), on January 1, 2021 and 2020, the Company automatically added 786,547 and 389,650 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of September 30, 2021, there were 184,497 shares of common stock available for future issuance under the 2014 Plan.

As of September 30, 2021, there were 231,450 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, 2021 and 2020, there were options to purchase 182,600 and 17,500 shares of the Company’s common stock granted under the 2015 Plan, respectively.   On April 30, 2021, the Company’s board of directors amended the 2015 Plan, and the share reserve for the 2015 Plan was increased from 90,000 to 500,000 shares of common stock.

The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the nine months ended September 30, 2021, 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, 2020

 

 

830,343

 

 

$

21.52

 

 

 

7.71

 

 

$

96

 

Granted

 

 

838,750

 

 

$

7.36

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(25,587

)

 

$

6.68

 

 

 

 

 

 

 

 

 

Outstanding — September 30, 2021

 

 

1,643,506

 

 

$

14.52

 

 

 

8.20

 

 

$

10

 

Exercisable — September 30, 2021

 

 

674,795

 

 

$

24.03

 

 

 

6.84

 

 

$

 

Vested or expected to vest — September 30, 2021

 

 

1,643,506

 

 

$

14.52

 

 

 

8.20

 

 

$

10

 

 

Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the nine months ended September 30, 2021, is summarized as follows:

 

 

 

Number of

Shares

 

 

Weighted

Average

Grant Date

Fair Value

Per Share

 

Non-vested at December 31, 2020

 

 

29,087

 

 

$

9.52

 

Granted

 

 

130,175

 

 

$

7.83

 

Vested

 

 

(7,928

)

 

$

11.85

 

Forfeited

 

 

(2,200

)

 

$

7.47

 

Non-vested at September 30, 2021

 

 

149,134

 

 

$

7.95

 

 

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 $0.6 million and $0.4 million for the three months ended September 30, 2021 and 2020, respectively, and $1.5 million and $1.2 million for the nine months ended September 30, 2021 and 2020, 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, 2021 and 2020.

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

174

 

 

$

130

 

 

$

436

 

 

$

394

 

Selling, general and administrative

 

 

414

 

 

 

269

 

 

 

1,092

 

 

 

826

 

Total

 

$

588

 

 

$

399

 

 

$

1,528

 

 

$

1,220