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

Note 13. Stock-Based Compensation

 

A summary of the stock option activity under the 2018 Equity Incentive Plan (the “2018 Plan”) and the 2018 Stock Compensation Plan is presented below:

 

 

 

Stock

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Life

(in years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

Outstanding at December 31, 2020

 

 

124,171

 

 

$

363.31

 

 

 

6.42

 

 

 

 

 

Forfeited

 

 

(15,173

)

 

$

87.28

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2021

 

 

108,998

 

 

$

401.74

 

 

 

4.82

 

 

$

 

Exercisable at September 30, 2021

 

 

95,096

 

 

$

455.95

 

 

 

4.32

 

 

$

 

Vested and expected to vest at September 30, 2021

 

 

108,998

 

 

$

401.74

 

 

 

4.80

 

 

$

 

 

A summary of the stock option activity under the 2020 Inducement Equity Incentive Plan (the “2020 Plan”) is presented below:

 

 

 

Stock

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Life

(in years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

Outstanding at December 31, 2020

 

 

18,000

 

 

$

25.50

 

 

 

9.24

 

 

 

 

 

Outstanding at September 30, 2021

 

 

18,000

 

 

$

25.50

 

 

 

8.50

 

 

$

 

Exercisable at September 30, 2021

 

 

6,750

 

 

$

25.50

 

 

 

8.50

 

 

$

 

Vested and expected to vest at September 30, 2021

 

 

18,000

 

 

$

25.50

 

 

 

8.50

 

 

$

 

 

A summary of the restricted stock unit activity under the 2018 Plan is presented below:

 

 

 

Restricted

Stock Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at December 31, 2020

 

 

33,548

 

 

$

21.93

 

Granted

 

 

29,614

 

 

$

3.99

 

Vested

 

 

(1,845

)

 

$

64.80

 

Forfeited

 

 

(15,485

)

 

$

14.67

 

Outstanding at September 30, 2021

 

 

45,832

 

 

$

11.06

 

 

 

A summary of the restricted stock award activity under the 2018 Plan is presented below:

 

 

 

Restricted Stock

Awards

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at December 31, 2020

 

 

286,161

 

 

$

4.77

 

Granted

 

 

103,939

 

 

$

4.82

 

Vested

 

 

(31,388

)

 

$

6.96

 

Forfeited

 

 

(50,082

)

 

$

5.10

 

Outstanding at September 30, 2021

 

 

308,630

 

 

$

4.51

 

 

 

 

A summary of the restricted stock award activity under the 2020 Plan is presented below:

 

 

 

Restricted Stock

Awards

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at December 31, 2020

 

 

4,375

 

 

$

25.50

 

Vested

 

 

(625

)

 

$

25.50

 

Outstanding at September 30, 2021

 

 

3,750

 

 

$

25.50

 

 

 

Stock-based compensation expense recorded in operating expenses was as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Selling, general and administrative

 

$

78

 

 

$

757

 

 

$

1,551

 

 

$

2,424

 

Research and development

 

 

27

 

 

 

115

 

 

 

251

 

 

 

317

 

Stock-based compensation in operating expenses

 

$

105

 

 

$

872

 

 

$

1,802

 

 

$

2,741

 

 

Stock-based compensation expense of approximately $5,000 and $48,000 was capitalized to inventory and property and equipment during the three months ended September 30, 2021 and 2020, respectively. Stock-based compensation of approximately $0.1 million was capitalized to inventory and property and equipment during each of the nine months ended September 30, 2021 and 2020.

 

Unrecognized compensation expense for stock options issued as of September 30, 2021 was $0.4 million and is expected to be recognized over a weighted average period of 1.9 years. Unrecognized compensation expense for the restricted stock units as of September 30, 2021 was $0.3 million and is expected to be recognized over a weighted average period of 2.0 years. Unrecognized compensation expense for the restricted stock awards as of September 30, 2021 was $0.8 million and is expected to be recognized over a weighted average period of 2.4 years.