STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| 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:
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Stock Option Grants Awarded During the Nine Months Ended September 30, 2017 |
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Stock Option Grants Awarded During the Nine Months Ended September 30, 2018 |
Stock Price |
$4.36 to $4.68 |
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$4.12 to $5.96 |
Dividend Yield |
0.00% |
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0.00% |
Expected Volatility |
60% |
|
70% |
Risk-free interest rate |
1.95% - 2.14% |
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2.50% - 2.98% |
Expected Life |
7 years |
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7 years |
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| Summary of stock option activity |
The following is a summary of our stock option activity during the nine months ended September 30, 2018:
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Number of
Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Grant Date
Fair Value
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Weighted
Average
Remaining
Life In
Years
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Outstanding, January 1, 2018 |
1,082,490 |
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|
$ |
4.87 |
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$ |
3.00 |
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|
8.38 |
Granted |
227,500 |
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|
4.77 |
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|
3.24 |
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|
9.31 |
Exercised |
(4,692 |
) |
|
2.91 |
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|
1.75 |
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— |
Canceled / Forfeited |
(70,331 |
) |
|
4.73 |
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|
2.89 |
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— |
Outstanding, September 30, 2018 |
1,234,967 |
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$ |
4.86 |
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$ |
3.06 |
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|
7.95 |
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Number of
Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Grant Date
Fair Value
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Weighted
Average
Remaining
Life In
Years
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Exercisable, January 1, 2018 |
704,303 |
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$ |
5.08 |
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$ |
3.17 |
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|
8.15 |
Vested |
114,591 |
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|
4.76 |
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|
2.90 |
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|
7.54 |
Exercised |
(4,692 |
) |
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2.91 |
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1.75 |
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— |
Canceled / Forfeited |
(17,057 |
) |
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4.72 |
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|
2.84 |
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— |
Exercisable, September 30, 2018 |
797,145 |
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$ |
5.05 |
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$ |
3.15 |
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|
7.43 |
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| 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:
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Options Outstanding |
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Options Exercisable |
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Exercise
Price
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Outstanding
Number of
Options
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Weighted
Average
Remaining
Life In
Years
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Exercisable
Number
of Options
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$1.93 – $2.00 |
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146,183 |
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|
7.34 |
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90,323 |
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$3.83 – $4.92 |
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646,984 |
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8.63 |
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370,907 |
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$5.01 – $6.00 |
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281,500 |
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|
6.04 |
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207,455 |
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$6.18 – $7.20 |
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70,000 |
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6.15 |
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53,753 |
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$7.54 – $7.80 |
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67,800 |
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|
6.32 |
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54,540 |
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$8.06 – $12.98 |
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22,500 |
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6.30 |
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20,167 |
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1,234,967 |
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7.43 |
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797,145 |
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| Schedule of restricted stock unit activity |
A summary of restricted stock unit activity for the nine months ended September 30, 2018 is as follows:
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Number of
Restricted Share
Units
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Weighted-
Average
Grant-Date Fair
Value Per Share
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Outstanding at January 1, 2018 |
1,476,858 |
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$ |
4.96 |
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Granted |
1,379,905 |
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|
4.81 |
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Vested |
(621,263 |
) |
|
4.93 |
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Forfeited |
(164,201 |
) |
|
5.16 |
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Outstanding at September 30, 2018 |
2,071,299 |
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$ |
4.85 |
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| Schedule of stock-based compensation |
Total equity-based compensation costs recorded in the condensed consolidated statements of operations is allocated as follows:
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Three Months Ended September 30, 2017 |
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Three Months Ended September 30, 2018 |
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Nine Months Ended September 30, 2017 |
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Nine Months Ended September 30, 2018 |
Research and development |
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Employees |
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$ |
304,000 |
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$ |
672,000 |
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$ |
839,000 |
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$ |
1,975,000 |
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Non-employees |
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20,000 |
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14,000 |
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61,000 |
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58,000 |
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Total research and development |
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324,000 |
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686,000 |
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|
900,000 |
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2,033,000 |
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General and administrative |
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Employees and directors |
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314,000 |
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337,000 |
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998,000 |
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1,471,000 |
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Non-employees |
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28,000 |
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345,000 |
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126,000 |
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454,000 |
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Total general and administrative |
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342,000 |
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682,000 |
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1,124,000 |
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1,925,000 |
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Total equity-based compensation |
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$ |
666,000 |
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$ |
1,368,000 |
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$ |
2,024,000 |
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$ |
3,958,000 |
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