Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.10.0.1
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions
We estimated the fair value of stock options awarded during the nine months ended September 30, 2017 and 2018 using the Black-Scholes option valuation model. The fair values of stock options granted for the periods were estimated using the following assumptions: 
 
Stock Option Grants Awarded During the Nine Months Ended September 30, 2017
 
Stock Option Grants Awarded During the Nine Months Ended September 30, 2018
Stock Price
$4.36 to $4.68
 
$4.12 to $5.96
Dividend Yield
0.00%
 
0.00%
Expected Volatility
60%
 
70%
Risk-free interest rate
1.95% - 2.14%
 
2.50% - 2.98%
Expected Life
7 years
 
7 years
Summary of stock option activity
The following is a summary of our stock option activity during the nine months ended September 30, 2018
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Grant Date
Fair Value
 
Weighted
Average
Remaining
Life In
Years
Outstanding, January 1, 2018
1,082,490

 
$
4.87

 
$
3.00

 
8.38
Granted
227,500

 
4.77

 
3.24

 
9.31
Exercised
(4,692
)
 
2.91

 
1.75

 
Canceled / Forfeited
(70,331
)
 
4.73

 
2.89

 
Outstanding, September 30, 2018
1,234,967

 
$
4.86

 
$
3.06

 
7.95

 
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Grant Date
Fair Value
 
Weighted
Average
Remaining
Life In
Years
Exercisable, January 1, 2018
704,303

 
$
5.08

 
$
3.17

 
8.15
Vested
114,591

 
4.76

 
2.90

 
7.54
Exercised
(4,692
)
 
2.91

 
1.75

 
Canceled / Forfeited
(17,057
)
 
4.72

 
2.84

 
Exercisable, September 30, 2018
797,145

 
$
5.05

 
$
3.15

 
7.43
Schedule of information related to stock options outstanding and exercisable
The following table presents information related to stock options outstanding and exercisable at September 30, 2018
Options Outstanding
 
Options Exercisable
Exercise
Price
 
Outstanding
Number of
Options
 
Weighted
Average
Remaining
Life In
Years
 
Exercisable
Number
of Options
$1.93 – $2.00
 
146,183

 
7.34
 
90,323

$3.83 – $4.92
 
646,984

 
8.63
 
370,907

$5.01 – $6.00
 
281,500

 
6.04
 
207,455

$6.18 – $7.20
 
70,000

 
6.15
 
53,753

$7.54 – $7.80
 
67,800

 
6.32
 
54,540

$8.06 – $12.98
 
22,500

 
6.30
 
20,167

 
 
1,234,967

 
7.43
 
797,145

Schedule of restricted stock unit activity
A summary of restricted stock unit activity for the nine months ended September 30, 2018 is as follows: 
 
Number of
Restricted Share
Units
 
Weighted-
Average
Grant-Date Fair
Value Per Share
Outstanding at January 1, 2018
1,476,858

 
$
4.96

Granted
1,379,905

 
4.81

Vested
(621,263
)
 
4.93

Forfeited
(164,201
)
 
5.16

Outstanding at September 30, 2018
2,071,299

 
$
4.85

Schedule of stock-based compensation
Total equity-based compensation costs recorded in the condensed consolidated statements of operations is allocated as follows: 
 
 
Three Months Ended September 30, 2017
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
 
Nine Months Ended September 30, 2018
Research and development
 
 
 
 
 
 
 
 
Employees
 
$
304,000

 
$
672,000

 
$
839,000

 
$
1,975,000

Non-employees
 
20,000

 
14,000

 
61,000

 
58,000

Total research and development
 
324,000

 
686,000

 
900,000

 
2,033,000

 
 
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
 
Employees and directors
 
314,000

 
337,000

 
998,000

 
1,471,000

Non-employees
 
28,000

 
345,000

 
126,000

 
454,000

Total general and administrative
 
342,000

 
682,000

 
1,124,000

 
1,925,000

 
 
 
 
 
 
 
 
 
Total equity-based compensation
 
$
666,000

 
$
1,368,000

 
$
2,024,000

 
$
3,958,000