Quarterly report pursuant to Section 13 or 15(d)

Stock Plans

v3.20.2
Stock Plans
6 Months Ended
Jun. 30, 2020
Stock Plans  
Stock Plans

2.    Stock Plans

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 

 

June 30, 

 

    

2020

    

2019

    

2020

    

2019

Research and development

 

$

 —

 

$

14

 

$

 —

 

$

91

Selling, general and administrative

 

 

79

 

 

336

 

 

(5)

 

 

395

Total stock-based compensation

 

$

79

 

$

350

 

$

(5)

 

$

486

 

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

 

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2020

    

2019

    

2020

    

2019

 

Weighted-average risk-free interest rate

 

0.4

%  

2.1

%  

0.4

%  

2.2

%

Expected dividend payments

 

 —

 

 —

 

 —

 

 —

 

Expected holding period (years)  1

 

5.8

 

5.9

 

5.8

 

5.4

 

Weighted-average volatility factor  2

 

1.04

 

0.93

 

1.04

 

0.94

 

Estimated forfeiture rates for options granted 3

 

28

%  

21

%  

28

%  

21

%


(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.

The following table summarizes option activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted

    

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average 

 

Remaining

 

Aggregate

 

 

 

 

Exercise

 

Option

 

Intrinsic

 

 

Options (in

 

Price per

 

Term (in

 

Value (in

(in thousands)

 

thousands)

 

share

 

years)

 

thousands)

Outstanding  December 31, 2019

 

1,192

 

$

6.23

 

7.9

 

$

 —

Granted

 

50

 

 

0.28

 

 

 

 

 

Forfeited or expired

 

(324)

 

 

1.88

 

 

 

 

 

Outstanding at June 30, 2020

 

918

 

 

7.44

 

7.0

 

 

 1

Exercisable at June 30, 2020

 

824

 

 

8.19

 

6.8

 

 

 —

 

Options to purchase 50,000 common shares were granted during the three month periods ended June 30, 2020.

As of June 30, 2020, there was approximately $39,000 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 1.8 years.