Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.20.2
Stock-based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
 
See Note 13, Capitalization and Equity Structure – Reverse Stock Split.

In March 2020, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”), to increase the number of shares available for grant by 333 shares.  As of September 30, 2020, the total shares authorized for grant under the 2014 Plan was 1,174, of which 321 were available for future grants.
 
Stock Options
 
The following table summarizes information about the Company’s stock options outstanding as of September 30, 2020, 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, 2019 494  $ 36.64 
Options granted 90  5.65 
Options exercised —  — 
Options forfeited (24) 26.49 
Options cancelled (28) 42.38 
Balance as of September 30, 2020 532  $ 31.57  7.61 $ — 
Vested and expected to vest at September 30, 2020 532  $ 31.57  7.61 $ — 
Exercisable as of September 30, 2020 317  $ 42.26  6.85 $ — 
 
As of September 30, 2020, total unrecognized compensation cost related to unvested stock options was $2,572. 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 2.23 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,
 
2020(1)
2019(1)
2020 2019
Dividend yield N/A N/A —  — 
Risk-free interest rate N/A N/A 1.58  % 2.12  %
Expected term (in years) N/A N/A 5.6 6
Volatility N/A N/A 102  % 102  %
(1) Black-Scholes option pricing model assumptions are not applicable for the three months ended September 30, 2020 and 2019, as there were no stock options granted during these periods.

 Restricted Stock Units
 
Each restricted stock unit (RSU) issued to employees and members of the board of directors represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. The fair value of RSUs is determined based on the closing price of the Company’s common stock on the date of grant.
 
RSU activity for the nine months ended September 30, 2020 is summarized below:
  Number of
Shares		 Weighted-
Average Grant
Date Fair Value
Unvested as of December 31, 2019 89  $ 10.77 
Granted 135  4.45 
Vested (16) 8.06 
Forfeited (28) 11.03 
Unvested at September 30, 2020 180  $ 6.21 
 
As of September 30, 2020, $900 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 2.35 years.
   
Compensation Expense
 
Total stock-based compensation expense related to options and RSUs granted to employees and non-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,
  2020 2019 2020 2019
Sales and marketing $ 103  $ 137  $ 339  $ 516 
Research and development 49  57  161  175 
General and administrative 365  293  1,112  989 
  $ 517  $ 487  $ 1,612  $ 1,680 
 
401(k) Plan Share Match
 
During the nine months ended September 30, 2020, the Company issued 26 shares of common stock 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 year ended December 31, 2019. The expense related to the 2020 contribution was $155 for the nine months ended September 30, 2020.