Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Stockholders' Equity |
|
| Schedule of share-based compensation expense recognized |
The estimated grant-date fair value of the Company’s share-based awards is amortized on a straight-line basis over the awards’ service periods. Share-based compensation expense recognized was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
Research and development |
|
$ |
781 |
|
$ |
825 |
General and administrative |
|
|
2,497 |
|
|
2,407 |
Cost of goods sold |
|
|
6 |
|
|
— |
Total stock-based compensation |
|
$ |
3,284 |
|
$ |
3,232 |
|
| Summary of stock option activity |
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
|
|
Weighted |
|
Remaining |
|
|
|
|
Average |
|
Contractual |
|
|
Number of |
|
Exercise |
|
Term |
|
|
Shares |
|
Price |
|
(in years) |
Balance, January 1, 2019 |
|
8,265,207 |
|
$ |
3.99 |
|
6.99 |
Granted |
|
1,033,000 |
|
|
1.10 |
|
|
Exercised |
|
(41,968) |
|
|
0.68 |
|
|
Forfeited/Cancelled |
|
(1,687,935) |
|
|
(4.94) |
|
|
Balance, December 31, 2019 |
|
7,568,304 |
|
$ |
3.40 |
|
7.01 |
Granted |
|
2,477,486 |
|
|
1.90 |
|
|
Exercised |
|
(197,640) |
|
|
0.68 |
|
|
Forfeited/Cancelled |
|
(283,631) |
|
|
(3.33) |
|
|
Balance, December 31, 2020 |
|
9,564,519 |
|
$ |
3.07 |
|
7.17 |
Vested or expected to vest at December 31, 2020 |
|
9,564,519 |
|
$ |
3.07 |
|
7.17 |
Exercisable at December 31, 2020 |
|
5,536,713 |
|
$ |
3.88 |
|
5.94 |
|
| Schedule of weighted-average assumptions: |
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
Expected term of options (in years) |
|
6.1 |
|
6.1 |
|
Risk-free interest rate |
|
0.6 |
% |
1.9 |
% |
Expected volatility |
|
97.3 |
% |
98.9 |
% |
Dividend yield |
|
— |
% |
— |
% |
|
| Schedule of changes in the status of non-vested RSU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Average |
|
|
Number of |
|
Grant Date |
|
|
Awards |
|
Fair Value |
Non-vested at January 1, 2019 |
|
1,255,000 |
|
$ |
0.65 |
Granted |
|
2,500,585 |
|
|
0.74 |
Vested |
|
(572,500) |
|
|
0.65 |
Forfeited/Cancelled |
|
(237,500) |
|
|
0.65 |
Non-vested at December 31, 2019 |
|
2,945,585 |
|
$ |
0.73 |
Granted |
|
2,536,850 |
|
|
2.11 |
Vested |
|
(1,519,493) |
|
|
0.71 |
Forfeited |
|
(191,600) |
|
|
0.69 |
Non-vested at December 31, 2020 |
|
3,771,342 |
|
$ |
1.66 |
|
| Schedule of shares available to be granted under equity incentive plans |
At December 31, 2020, the Company has the following shares available to be granted:
|
|
|
|
|
|
|
|
|
Inducement |
|
|
2013 Plan |
|
Plan |
Available at December 31, 2019 |
|
4,394,301 |
|
205,000 |
Authorized |
|
3,768,550 |
|
— |
Granted |
|
(5,014,336) |
|
— |
Shares withheld for taxes not issued |
|
477,255 |
|
— |
Forfeited/Cancelled |
|
427,731 |
|
47,500 |
Available at December 31, 2020 |
|
4,053,501 |
|
252,500 |
|
| Schedule of shares of common stock reserved/available |
At December 31, 2020, the Company has reserved the following shares of common stock for issuance:
|
|
|
Stock options outstanding under 2013 Plan |
|
9,317,019 |
Restricted stock units outstanding under 2013 Plan |
|
3,771,342 |
Shares reserved for future issuance under 2013 Plan |
|
4,053,501 |
Stock options outstanding under Inducement Plan |
|
247,500 |
Shares reserved for future issuance under Inducement Plan |
|
252,500 |
Shares reserved for future issuance under 2013 Employee Stock Purchase Plan |
|
225,806 |
Warrants outstanding |
|
295,591 |
Total shares of common stock reserved for future issuance |
|
18,163,259 |
|