Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.24.3
Stock-based Compensation
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

Note 12 – Stock-based Compensation

 

The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”), which expired on May 7, 2024, provided 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, 2024 and 2023. The term of the Plan was for 10 years. The Company intends to adopt a new equity compensation plan at its 2024 Annual Meeting, pending shareholder approval.

 

As of September 30, 2024, there were 965,678 awards, including both restricted stock grants and option grants, issued and exercised under the Plan and no remaining shares available for grant under the Plan.

 

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,

 
    2024     2023     2024     2023  
Research and Development   $ 387     $ 507     $ 1,212     $ 1,576  
General and Administrative     578       689       1,739       2,100  
Total   $ 965     $ 1,196     $ 2,951     $ 3,676  

 

As of September 30, 2024, total compensation costs related to unvested awards not yet recognized was $4,597 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, 2024:

 

    Stock Options  
Outstanding at December 31, 2023     934,243  
Granted      
Exercised      
Forfeited     (18,649 )
Expired     (43,531 )
Outstanding at September 30, 2024     872,063