Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.21.2
Stock-based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
 
See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

As of September 30, 2021, the total shares authorized for grant under the 2014 Plan was 1,974, of which 669 were available for future grants.
 
Stock Options
 
The following table summarizes information about the Company’s stock options outstanding as of September 30, 2021, and activity during the nine months then ended:
Stock
Awards		 Weighted-
Average
Exercise Price		 Weighted-
Average
Remaining
Contractual
Life (Years)		 Aggregate
Intrinsic
Value
Balance as of December 31, 2020 529  $ 31.62 
Options forfeited (15) 8.65 
Options cancelled (15) 27.39 
Balance as of September 30, 2021 499  $ 32.44  6.56 $ — 
Vested and expected to vest at September 30, 2021 499  $ 32.44  6.56 $ — 
Exercisable as of September 30, 2021 393  $ 37.12  6.23 $ — 
 
As of September 30, 2021, total unrecognized compensation cost related to unvested stock options was $1,221. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 1.45 years.
 
The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes Model using the following assumptions:
  Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Dividend yield N/A N/A N/A — 
Risk-free interest rate N/A N/A N/A 1.58  %
Expected term (in years) N/A N/A N/A 5.6
Volatility N/A N/A N/A 102  %
N/A - No stock options were granted during the three and nine months ended September 30, 2021 and the three months ended September 30, 2020.
Restricted Stock Units
 
The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee service providers. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan.

The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant.
 
Combined RSU and PSU activity for the nine months ended September 30, 2021 is summarized below:
  Number of
Shares		 Weighted-
Average Grant
Date Fair Value
Unvested as of December 31, 2020 143  $ 6.21 
Granted 530  5.92 
Vested (21) 8.06 
Forfeited (56) 7.69 
Unvested at September 30, 2021 596  $ 5.79 
 
As of September 30, 2021, $2,436 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 2.22 years.
   
Compensation Expense
 
Total stock-based compensation expense related to options, RSUs and PSUs granted to employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:
  Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Sales and marketing $ 119  $ 103  $ 310  $ 339 
Research and development 74  49  184  161 
General and administrative 470  365  1,044  1,112 
  $ 663  $ 517  $ 1,538  $ 1,612 
 
401(k) Plan Share Match
 
The Company issued 26 shares of common stock in each of the first quarters of 2021 and 2020 with a fair value of $152 and $155, respectively, to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the fiscal years ended December 31, 2020 and December 31, 2019, respectively.

The expense related to the accrual for the 401(k) plan share matching was $34 and $56 for the three months ended September 30, 2021 and 2020, respectively, and $141 and $155 for the nine months ended September 30, 2021 and 2020, respectively.