STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions |
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, 2020 |
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Stock Option Grants Awarded During the Nine Months Ended September 30, 2019 |
| Stock Price |
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$1.74 to $2.85 |
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$1.52 to $3.26 |
| Dividend Yield |
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0.00% |
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0.00% |
| Expected Volatility |
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70% to 83% |
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70% |
| Risk-free interest rate |
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0.36% to 1.52% |
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1.47% to 2.62% |
| Expected Life |
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7 years |
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7 years |
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| Summary of stock option activity |
The following is a summary of our stock option activity during the nine months ended September 30, 2020:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Grant Date
Fair Value |
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Weighted
Average
Remaining
Life In
Years |
| Outstanding, January 1, 2020 |
1,340,252 |
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$ |
4.57 |
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$ |
2.88 |
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6.95 |
| Granted |
95,500 |
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2.32 |
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1.68 |
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8.75 |
| Exercised |
(1,875) |
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1.80 |
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1.23 |
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— |
| Canceled / Forfeited |
(281,325) |
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4.17 |
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2.71 |
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— |
| Outstanding, September 30, 2020 |
1,152,552 |
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$ |
4.48 |
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$ |
2.83 |
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5.79 |
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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 |
| Exercisable, January 1, 2020 |
989,092 |
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$ |
4.85 |
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$ |
3.03 |
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6.37 |
| Vested |
99,346 |
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3.75 |
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2.39 |
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5.17 |
| Exercised |
(1,875) |
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1.80 |
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1.23 |
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| Canceled / Forfeited |
(132,368) |
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4.69 |
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3.00 |
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— |
| Exercisable, September 30, 2020 |
954,195 |
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$ |
4.77 |
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$ |
2.97 |
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5.17 |
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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, 2020:
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| Options Outstanding |
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Options Exercisable |
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 |
$1.52 – $3.15 |
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333,247 |
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5.52 |
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191,388 |
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$3.25 – $4.92 |
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439,117 |
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6.17 |
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394,464 |
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$5.01 – $6.00 |
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229,570 |
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4.28 |
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220,839 |
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$6.18 – $7.20 |
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60,318 |
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3.26 |
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60,318 |
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$7.54 – $7.80 |
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67,800 |
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3.18 |
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64,686 |
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$8.06 – $12.98 |
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22,500 |
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4.30 |
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22,500 |
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1,152,552 |
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5.17 |
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954,195 |
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| Schedule of restricted stock unit activity |
A summary of restricted stock unit activity for the nine months ended September 30, 2020 is as follows:
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Number of
Restricted Share
Units |
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Weighted-
Average
Grant-Date Fair
Value Per Share |
| Outstanding at January 1, 2020 |
2,556,004 |
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$ |
3.38 |
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| Granted |
2,486,320 |
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1.98 |
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| Vested |
(1,064,919) |
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2.89 |
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| Forfeited |
(425,262) |
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2.57 |
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| Outstanding at September 30, 2020 |
3,552,143 |
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$ |
2.64 |
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| Schedule of stock-based compensation |
Total stock-based compensation recorded in the condensed consolidated statements of comprehensive loss is allocated as follows:
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Three Months Ended September 30, 2020 |
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Three Months Ended September 30, 2019 |
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Nine Months Ended September 30, 2020 |
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Nine Months Ended September 30, 2019 |
| Research and development |
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$ |
645,000 |
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$ |
703,000 |
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$ |
2,163,000 |
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$ |
2,026,000 |
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| Sales, marketing and administration |
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828,000 |
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686,000 |
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2,300,000 |
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2,174,000 |
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| Total stock-based compensation |
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$ |
1,473,000 |
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$ |
1,389,000 |
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$ |
4,463,000 |
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$ |
4,200,000 |
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