Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.22.2.2
Stock-based Compensation
6 Months Ended
Jun. 30, 2022
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, 2022 and 2021, the Company automatically added 1,148,213 and 786,547 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of June 30, 2022, there were 34,206 shares of common stock available for future issuance under the 2014 Plan.

As of June 30, 2022, there were 124,250 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”).  During the six months ended June 30, 2022 and 2021, there were options to purchase 92,000 and 158,100 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 six months ended June 30, 2022, 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, 2021

 

 

1,542,126

 

 

$

14.89

 

 

 

7.45

 

 

$

42

 

Granted

 

 

647,000

 

 

$

4.20

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(60,124

)

 

$

8.15

 

 

 

 

 

 

 

 

 

Outstanding — June 30, 2022

 

 

2,129,002

 

 

$

11.83

 

 

 

7.87

 

 

$

5

 

Exercisable — June 30, 2022

 

 

955,116

 

 

$

19.24

 

 

 

6.36

 

 

$

 

Vested or expected to vest — June 30, 2022

 

 

2,129,002

 

 

$

11.83

 

 

 

7.87

 

 

$

5

 

 

Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the six months ended June 30, 2022, is summarized as follows:

 

 

Number of

Shares

 

 

Weighted

Average

Grant Date

Fair Value

Per Share

 

Non-vested at December 31, 2021

 

 

133,834

 

 

$

7.98

 

Granted

 

 

943,465

 

 

$

5.35

 

Vested

 

 

(42,006

)

 

$

8.46

 

Forfeited

 

 

(10,364

)

 

$

7.60

 

Non-vested at June 30, 2022

 

 

1,024,929

 

 

$

5.54

 

 

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 $1.1 million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $2.0 million and $0.9

million for the six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022 and 2021.

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

343

 

 

$

136

 

 

$

628

 

 

$

262

 

Selling, general and administrative

 

 

757

 

 

 

406

 

 

 

1,394

 

 

 

678

 

Total

 

$

1,100

 

 

$

542

 

 

$

2,022

 

 

$

940