Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.20.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity under Stock Option Plans and Related Information

The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts):

 

 

 

Number of

Options

Outstanding

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Term (Years)

 

 

Aggregate

Intrinsic Value

 

Outstanding at December 31, 2019

 

 

3,107,066

 

 

$

7.19

 

 

 

8.2

 

 

$

3,151

 

Options granted

 

 

978,600

 

 

$

3.30

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(3,000

)

 

$

0.90

 

 

 

 

 

 

$

10

 

Options cancelled

 

 

(12,500

)

 

$

22.85

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2020

 

 

4,070,166

 

 

$

6.21

 

 

 

8.4

 

 

$

4,796

 

Vested and exercisable at March 31, 2020

 

 

1,677,155

 

 

$

4.87

 

 

 

7.3

 

 

$

2,847

 

 

Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized by function was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

 

2020

 

 

2019

 

 

Research and development

 

$

464

 

 

$

447

 

 

General and administrative

 

 

709

 

 

 

454

 

 

Total stock-based compensation expense

 

$

1,173

 

 

$

901

 

 

 

Unrecognized Stock-based Compensation Cost and Estimated Weighted Average Amortization Period

As of March 31, 2020, the unrecognized stock-based compensation cost and the estimated weighted average amortization period, using the straight-line attribution method, was as follows (dollars in thousands):

 

 

Unrecognized

Compensation Cost

 

 

Weighted Average

Remaining

Amortization

Period (Years)

 

Employee options

 

$

11,392

 

 

 

2.8

 

Nonemployee options

 

 

18

 

 

 

0.7

 

Total unrecognized stock-based compensation expense

 

$

11,410

 

 

 

 

 

Fair Value of Employee Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

2019

 

Expected term (years)

 

5.0 - 5.9

 

5.9

 

Expected volatility

 

83.8 - 87.1

%

79.9 - 81.9

%

Risk-free interest rate

 

0.7 - 1.6

%

2.4 - 2.6

%

Expected dividend yield