Quarterly report pursuant to Section 13 or 15(d)

Stock Plans

Stock Plans

3 Months Ended

Mar. 31, 2021

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.