Annual report pursuant to Section 13 and 15(d)

Stock and Employee Benefit Plans (Tables)

v3.20.1
Stock and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity for these inducement options (in thousands):
 
Number of
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2018
1,125,000

 
$
4.41

 
 
 
$
—

Granted
300,000

 
$
4.65

 
 
 
$
—

Canceled
(225,000
)
 
$
5.00

 
 
 
$
—

Outstanding, December 31, 2019
1,200,000

 
$
4.36

 
5.93 years
 
$
130

Vested or expected to vest
1,200,000

 
$
4.36

 
5.93 years
 
$
130

Exercisable, December 31, 2019
812,500

 
$
4.08

 
4.35 years
 
$
130

The following table summarizes stock option activity for employees and non-employees:
 
Number of
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2018
6,850,047

 
$
3.76

 
 
 
$
3,257

Granted
2,189,269

 
3.16

 
 
 
—

Exercised
(279,075
)
 
1.98

 
 
 
486

Canceled
(500,326
)
 
4.70

 
 
 
288

Outstanding, December 31, 2019
8,259,915

 
$
3.60

 
7.25 years
 
$
7,987

Vested or expected to vest, December 31, 2019
8,259,915

 
$
3.60

 
7.25 years
 
$
7,987

Exercisable, December 31, 2019
4,908,300

 
$
3.11

 
6.32 years
 
$
6,348

Schedule of Fair Value Assumptions
The fair value of shares expected to be purchased under the 2018 ESPP using the Black-Scholes model with the following assumptions:
 
 
Years Ended December 31,
 
 
2019
2018
Risk free interest rate
 
1.61
%
2.48
%
Expected term (in years)
 
0.5 years

0.5 years

Dividend yield
 
—

—

Expected volatility
 
78.10
%
57.57
%
The Company estimates the fair value of each stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions:
 
 
Years Ended December 31,
 
 
2019
 
2018
Risk free interest rate
 
1.41% - 2.60%

 
2.40% - 3.06%

Expected term (in years)
 
5.00 - 5.73

 
4.75 - 5.73

Dividend yield
 
—

 
—

Expected volatility
 
81.7% - 81.8%

 
77.1% - 80.5%

Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense is recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
Research and development
 
$
2,446

 
$
1,984

General and administrative
 
2,928

 
2,959

Total stock-based compensation
 
$
5,374

 
$
4,943