Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.21.1
Stock-based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
 
See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

As of March 31, 2021, the total shares authorized for grant under the 2014 Plan was 1,974, of which 937 were available for future grants.
 
Stock Options
 
The following table summarizes information about the Company’s stock options outstanding as of March 31, 2021, and activity during the three 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 granted —  — 
Options exercised —  — 
Options forfeited (3) 15.65 
Options cancelled (4) 40.54 
Balance as of March 31, 2021 522  $ 31.63  6.93 $ 45 
Vested and expected to vest at March 31, 2021 522  $ 31.63  6.93 $ 45 
Exercisable as of March 31, 2021 364  $ 38.79  6.34 $ 31 
 
As of March 31, 2021, total unrecognized compensation cost related to unvested stock options was $1,869. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive income over the remaining weighted average vesting period of 1.84 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 March 31,
  2021 2020
Dividend yield —  — 
Risk-free interest rate N/A 1.58  %
Expected term (in years) N/A 6
Volatility N/A 102  %

 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.
 
RSU and PSU activity for the three months ended March 31, 2021 is summarized below:
  Number of
Shares		 Weighted-
Average Grant
Date Fair Value
Unvested as of December 31, 2020 143  $ 6.21 
Granted 208  6.91 
Vested (2) 5.74 
Forfeited (24) 8.16 
Unvested at March 31, 2021 325  $ 6.60 
 
As of March 31, 2021, $1,935 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 2.67 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 March 31,
  2021 2020
Sales and marketing $ 99  $ 138 
Research and development 52  73 
General and administrative 205  376 
  $ 356  $ 587 
 
401(k) Plan Share Match
 
During the three months ended March 31, 2021, 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, 2020. The expense related to the contribution was $152 for the three months ended March 31, 2021.