Quarterly report pursuant to Section 13 or 15(d)

Stock Plans

v3.21.1
Stock Plans
3 Months Ended
Mar. 31, 2021
Stock Plans  
Stock Plans

2.    Stock Plans

The following table summarizes option activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted

    

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average 

 

Remaining

 

Aggregate

 

 

 

 

Exercise

 

Option

 

Intrinsic

 

 

Options (in

 

Price per

 

Term (in

 

Value (in

 

 

thousands)

 

share

 

years)

 

thousands)

Outstanding at December 31, 2020

 

28

 

$

242.70

 

6.35

 

$

 —

Granted

 

670

 

 

4.02

 

 

 

 

 

Forfeited or expired

 

(1)

 

 

74.92

 

 

 

 

 

Outstanding at March 31, 2021

 

697

 

$

13.46

 

9.72

 

$

 —

Exercisable at March 31, 2021

 

26

 

$

254.22

 

5.97

 

$

 —

 

Approximately 670,000 options to purchase common shares were granted during the three month period ended March 31, 2021.

The following table summarizes the stock-based compensation expense recorded for awards under our stock option plans (in thousands):

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 

 

    

2021

    

2020

Research and development

 

$

120

 

$

 —

Selling, general and administrative

 

 

128

 

 

(84)

Total stock-based compensation expense

 

$

248

 

$

(84)

 

We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the fair value of our stock options:

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 

 

 

    

2021

    

2020

    

Weighted-average risk-free interest rate

 

0.54

%  

 —

%

Expected dividend payments

 

 —

 

 —

 

Expected holding period (years) (1)

 

5.5

 

 —

 

Weighted-average volatility factor (2)

 

113.9

 

 —

 

Estimated forfeiture rates for options granted (3)

 

29.6

%  

 —

%


(1)

Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior.

(2)

Weighted average volatility is based on the historical volatility of our common stock.

(3)

Estimated forfeiture rates are based on historical data.

As of March 31, 2021, there was approximately $1.3  million of total unrecognized compensation expense related to non-vested stock options. This expense is expected to be recognized over a weighted-average period of approximately 1.6 years.