Ekso Bionics Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

Stock-based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

10. Stock-based Compensation

Refer to Note 15, Subsequent Event, for a discussion of the Company’s May 4, 2016 reverse stock split.

The Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) allows for the issuance of an aggregate of 3,714 shares of common stock, of which 1,480 are available for future grant as of March 31, 2016.

The following table summarizes information about the Company’s stock options outstanding at March 31, 2016, and activity during the three-month period then ended:

					Weighted-
					Average
			Weighted-		Remaining
			Average		Contractual		Aggregate
	Stock		Exercise		Life		Intrinsic
	Awards		Price		(Years)		Value
Balance as of December 31, 2015		1,963	$	7.09
Options granted		145	$	5.55
Options exercised		(10)	$	2.73
Options forfeited		(110)	$	8.41
Options cancelled		(9)	$	10.11
Balance as of March 31, 2016		1,979		6.91		7.00		1,522
Vested and expected to vest at March 31, 2016		1,851				6.85		1,518
Exercisable as of March 31, 2016		1,062				5.23		1,464

As of March 31, 2016, total unrecognized compensation cost related to unvested stock options was $4,640. This amount is expected to be recognized as stock-based compensation expense in the Company’s Condensed Consolidated Statements of Operations over the remaining weighted average vesting period of 2.8 years.

The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Three months ended March 31,
	2016			2015

Dividend yield		—			—
Risk-free interest rate		1.24% - 1.78	%		1.41% - 1.92	%
Expected term (in years)		5-10			6-10
Volatility		77	%		73	%

Total stock-based compensation expense related to options granted to employees and non-employees was included in the Condensed Consolidated Statements of Operations as follows:

	Three months ended March 31,
	2016		2015
Sales and marketing	$	232	$	132
Research and development		231		54
General and administrative		1,111		163
	$	1,574	$	349

In conjunction with the resignation of the Company’s then Chief Executive Officer in February 2016, the Company accelerated the vesting of options that would have vested in the subsequent twelve months and extended the exercise period of the resulting shares from three months to six years. In addition, the Company extended the exercise period for an employee that was terminated in March 2016 from three months to one year. These modifications resulted in incremental stock compensation expense of $59 and $774 included in research and development and general administration, respectively.