Stock Based Compensation (Tables)
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9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 was as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
384,041 |
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$ |
176,261 |
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$ |
1,156,317 |
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$ |
354,347 |
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| General and administrative |
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971,558 |
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473,905 |
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3,959,156 |
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1,139,241 |
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| Sales and marketing |
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91,932 |
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57,168 |
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233,955 |
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134,819 |
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| Total stock-based compensation, continuing operations |
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1,447,531 |
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707,334 |
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5,349,428 |
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1,628,407 |
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| Total stock-based compensation, discontinued operations |
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— |
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111,459 |
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— |
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313,789 |
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| Total stock-based compensation |
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$ |
1,447,531 |
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$ |
818,793 |
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$ |
5,349,428 |
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$ |
1,942,196 |
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| Summary of option activity |
A summary of option activity for the nine months ended September 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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5,630,953 |
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$ |
3.44 |
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$ |
2.19 |
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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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(583,758) |
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$ |
5.42 |
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$ |
3.02 |
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| Balance at September 30, 2020 |
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8,548,262 |
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$ |
3.99 |
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$ |
2.39 |
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7.9 |
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| Exercisable at September 30, 2020 |
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2,729,880 |
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$ |
4.45 |
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$ |
2.49 |
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4.9 |
The Company has granted options that contain market-based vesting conditions. The following table summarizes the Company's market-based option activity for the nine months ended September 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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9.7 |
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| Forfeited |
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(300,000) |
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| Balance at September 30, 2020 |
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1,000,000 |
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$ |
3.29 |
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9.7 |
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| Exercisable at September 30, 2020 |
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500,000 |
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$ |
— |
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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 with service-based vesting conditions granted to employees and members of the board of directors under the Black-Scholes valuation model for the nine months ended September 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% - 79.0% |
| 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 nine months ended September 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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| Vested |
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(111,667) |
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$ |
4.93 |
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| Unvested RSUs at September 30, 2020 |
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155,833 |
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$ |
4.91 |
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