Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.21.2
Stock-based Compensation
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation

Note 13 – Stock-based Compensation

 

The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the nine months ended September 30, 2021 and 2020.

 

With the approval of the Board of Directors and a majority of shareholders, effective May 8, 2014, the Plan was amended and restated to provide for an automatic increase in the number of shares of common stock available for issuance under the Plan each January, commencing January 1, 2015, in an amount up to four percent (4%) of the total number of shares of common stock outstanding on the preceding December 31st.

 

 

The following table contains information about the Company’s stock plan at September 30, 2021:

 

   

Awards

Reserved for

Issuance

   

Awards

Issued &

Exercised

   

Awards

Available

for Grant

 
2013 Equity Compensation Plan     36,952 *     26,705 **     10,247  

 

* Increased by 8,005 thousand on January 1, 2021 representing 4% of the total number of shares of common stock outstanding on December 31, 2020.
** Includes both restricted stock grants and option grants

 

The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows:

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2021     2020     2021     2020  
Research and Development   $ 467     $ 358     $ 1,411     $ 1,538  
General and Administrative     594       595       1,806       1,807  
Total   $ 1,061     $ 953     $ 3,217     $ 3,345  

 

As of September 30, 2021, total compensation costs related to unvested awards not yet recognized was approximately $8.4 million and the weighted-average periods over which the awards are expected to be recognized was 2.6 years.

 

Stock Options

 

The following table summarizes the activity for Company’ stock options for the three months ended September 30, 2021:

 

    Stock Options  
Outstanding at January 1, 2021     22,551  
Granted     4,796  
Exercised     (1,063 )
Forfeited     (2,701 )
Cancelled     -  
Expired     (1,341 )
Outstanding at September 30, 2021     22,242  

 

Restricted Stock Awards

 

During the nine months ended September 30, 2021 and 2020, the Company granted restricted stock awards for 24 thousand and 268 thousand shares of common stock, respectively. These awards are typically granted to members of the Board of Directors as payment in lieu of cash fees or as payment to a vendor pursuant to a consulting agreement. The Company values restricted stock awards at the fair market value on the date of grant. The Company recorded the value of these restricted awards as general and administrative expense of approximately $29 thousand and $85 thousand for the three and nine months ended September 30, 2021, respectively, and approximately $90 thousand and $263 thousand for the three and nine months ended September 30, 2020, respectively, in the Condensed Consolidated Statement of Operations. As of September 30, 2021, there was approximately $7 thousand of total unrecognized compensation costs related to 100,000 non-vested restricted stock grants which are expected to be recognized over a weighted-average period of 0.1 years.