Stockholders' Equity (Tables)
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9 Months Ended |
Sep. 30, 2021 |
Stockholders' Equity |
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Schedule of share-based compensation expense recognized |
The estimated grant-date fair value of the Company’s stock-based awards is amortized on a straight-line basis over the awards’ service periods. Stock-based compensation expense recognized was as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Research and development |
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$ |
279 |
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$ |
203 |
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$ |
787 |
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$ |
616 |
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Selling, general and administrative |
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|
690 |
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|
584 |
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2,455 |
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|
1,828 |
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Cost of goods sold |
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9 |
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— |
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29 |
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— |
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Total stock-based compensation |
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$ |
978 |
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$ |
787 |
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$ |
3,271 |
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$ |
2,444 |
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Summary of stock option activity |
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Options Outstanding |
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Weighted |
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Average |
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Weighted |
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Remaining |
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Average |
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Contractual |
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Number of |
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Exercise |
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Term |
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Shares |
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Price |
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(in years) |
Balance, December 31, 2020 |
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9,564,519 |
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$ |
3.07 |
|
7.17 |
Granted |
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2,657,642 |
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|
1.86 |
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Exercised |
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(146,559) |
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|
1.28 |
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Forfeited/Cancelled |
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(521,726) |
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|
2.77 |
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Balance, September 30, 2021 |
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11,553,876 |
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$ |
2.83 |
|
6.99 |
Vested or expected to vest at September 30, 2021 |
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11,553,876 |
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$ |
2.83 |
|
6.99 |
Exercisable at September 30, 2021 |
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6,917,596 |
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$ |
3.45 |
|
5.69 |
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Schedule of weighted-average assumptions: |
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September 30, |
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2021 |
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2020 |
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Expected term of options (in years) |
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6.1 |
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5.7 |
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Risk-free interest rate |
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0.9 |
% |
0.7 |
% |
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Expected volatility |
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97.8 |
% |
96.1 |
% |
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Dividend yield |
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— |
% |
— |
% |
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Schedule of changes in the status of non-vested RSU |
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Weighted |
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Average |
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Number of |
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Grant Date |
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Awards |
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Fair Value |
Non-vested at December 31, 2020 |
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3,771,342 |
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$ |
1.66 |
Granted |
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27,500 |
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|
1.20 |
Vested |
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(143,750) |
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|
0.85 |
Forfeited |
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(624,075) |
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|
1.61 |
Non-vested at September 30, 2021 |
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3,031,017 |
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$ |
1.71 |
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Schedule of shares available to be granted under equity incentive plans |
At September 30, 2021, the Company has the following shares available to be granted under its equity incentive plans:
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Inducement |
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2013 Plan |
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Plan |
Available at December 31, 2020 |
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4,053,501 |
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252,500 |
Authorized |
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6,399,997 |
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— |
Granted |
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(2,685,142) |
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— |
Shares withheld for taxes not issued |
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49,915 |
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— |
Forfeited/Cancelled |
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1,145,801 |
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— |
Available at September 30, 2021 |
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8,964,072 |
|
252,500 |
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Schedule of shares of common stock reserved/available |
At September 30, 2021, the Company has reserved the following shares of common stock for issuance:
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Stock options outstanding under 2013 Plan |
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11,306,376 |
Restricted stock units outstanding under 2013 Plan |
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3,031,017 |
Shares reserved for future issuance under 2013 Plan |
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8,964,072 |
Stock options outstanding under Inducement Plan |
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247,500 |
Shares reserved for future issuance under Inducement Plan |
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252,500 |
Shares reserved for future issuance under 2013 Employee Stock Purchase Plan |
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225,806 |
Warrants outstanding |
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295,591 |
Total shares of common stock reserved for future issuance |
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24,322,862 |
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