|
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 month periods ended September 30, 2023 and 2022. The term of the Plan is for 10 years and will
expire on May 7, 2024, if not amended before then.
The
following table contains information about the Company’s stock plan at September 30, 2023:
Schedule of Equtiy Compensation Plan by Arrangements
| |
|
Awards
Reserved for
Issuance |
|
|
Awards
Issued &
Exercised |
|
|
Awards
Available
for Grant |
|
| 2013 Equity Compensation Plan |
|
|
54,294 |
* |
|
|
37,915 |
** |
|
|
16,379 |
|
| * |
Increased
by 8,691 on January 1, 2023, representing 4% of the total number of shares of common stock outstanding on December 31, 2022. |
| ** |
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:
Schedule of Recognized Stock Based Compensation
| |
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Research and Development |
|
$ |
507 |
|
|
$ |
554 |
|
|
$ |
1,576 |
|
|
$ |
1,660 |
|
| General and Administrative |
|
|
689 |
|
|
|
859 |
|
|
|
2,100 |
|
|
|
2,228 |
|
| Total |
|
$ |
1,196 |
|
|
$ |
1,413 |
|
|
$ |
3,676 |
|
|
$ |
3,888 |
|
As
of September 30, 2023, total compensation costs related to unvested awards not yet recognized was $6,204 and the weighted-average periods
over which the awards are expected to be recognized was 2.2 years.
Stock
Options
The
following table summarizes the activity for Company’ stock options for the nine months ended September 30, 2023:
Schedule of Stock Option Activity
| |
|
Stock Options |
|
| Outstanding at December 31, 2022 |
|
|
34,739 |
|
| Granted |
|
|
105 |
|
| Exercised |
|
|
— |
|
| Forfeited |
|
|
(296 |
) |
| Expired |
|
|
(1,314 |
) |
| Outstanding at September 30, 2023 |
|
|
33,234 |
|
|