Stock Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Share-based Payment Arrangement, Noncash Expense [Abstract] |
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| Schedule of stock-based compensation expense |
The amount of stock-based compensation expense recognized for the three and six months ended June 30, 2020 and 2019 was as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Research and development |
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$ |
390,506 |
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$ |
120,709 |
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$ |
772,275 |
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$ |
178,085 |
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| General and administrative |
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2,307,998 |
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196,211 |
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2,987,598 |
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665,336 |
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| Sales and marketing |
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87,070 |
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56,823 |
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142,024 |
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77,651 |
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| Total stock-based compensation, continuing operations |
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2,785,574 |
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373,743 |
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3,901,897 |
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921,072 |
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| Total stock-based compensation, discontinued operations |
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— |
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152,966 |
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— |
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202,330 |
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| Total stock-based compensation |
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$ |
2,785,574 |
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$ |
526,709 |
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$ |
3,901,897 |
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$ |
1,123,402 |
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| Summary of option activity |
A summary of option activity for the six months ended June 30, 2020 is as follows:
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Options Outstanding |
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Number of shares |
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Weighted average exercise price per share |
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Weighted average grant date fair value per share |
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Weighted average remaining contractual term (in years) |
| Balance at December 31, 2019 |
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4,180,606 |
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$ |
4.80 |
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$ |
2.67 |
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7.9 |
| Granted |
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5,165,956 |
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$ |
3.52 |
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$ |
2.24 |
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| Exercised |
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(50,239) |
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$ |
1.84 |
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$ |
1.22 |
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| Forfeited |
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(629,300) |
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$ |
3.26 |
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$ |
1.95 |
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| Expired |
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(303,758) |
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$ |
5.30 |
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$ |
3.03 |
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| Balance at June 30, 2020 |
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8,363,265 |
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$ |
4.13 |
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$ |
2.45 |
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7.8 |
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| Exercisable at June 30, 2020 |
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2,719,729 |
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$ |
4.67 |
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$ |
2.60 |
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5.1 |
The Company has granted options that contain market-based vesting conditions. The following table summarizes the Company's market-based option activity for the six months ended June 30, 2020:
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Options Outstanding |
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Number of shares |
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Weighted average exercise price per share |
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Weighted average remaining contractual term (in years) |
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Aggregate intrinsic value (1) |
| Balance at December 31, 2019 |
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300,000 |
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$ |
4.98 |
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9.4 |
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| Granted |
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1,000,000 |
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$ |
3.29 |
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10 |
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| Forfeited |
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(300,000) |
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| Balance at June 30, 2020 |
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1,000,000 |
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$ |
3.29 |
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10 |
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| Exercisable at June 30, 2020 |
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500,000 |
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$ |
45,000 |
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| Schedule of fair value assumptions for options |
The following table shows the assumptions used to compute stock-based compensation expense for stock options granted to employees and members of the board of directors under the Black-Scholes valuation model for the six months ended June 30, 2020:
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| Service-based options |
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| Expected dividend yield |
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—% |
| Expected volatility |
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69.9% - 79.9% |
| Expected life (in years) |
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1.75 - 6.25 |
| Risk-free interest rate |
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0.19% - 1.48% |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes the Company's RSU activity for the six months ended June 30, 2020:
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RSUs Outstanding |
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Number of shares |
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Weighted average grant date fair value |
| Unvested RSUs at December 31, 2019 |
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267,500 |
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$ |
4.92 |
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| Granted |
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— |
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| Vested |
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(111,667) |
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$ |
4.93 |
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| Unvested RSUs at June 30, 2020 |
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155,833 |
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$ |
4.91 |
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