Stock Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 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 years ended December 31, 2020 and 2019 was as follows:
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Year Ended December 31, |
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2020 |
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2019 |
| Research and development |
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$ |
1,338,916 |
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$ |
464,382 |
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| General and administrative |
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5,131,380 |
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1,549,844 |
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| Sales and marketing |
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315,390 |
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190,851 |
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| Total stock-based compensation, continuing operations |
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6,785,686 |
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2,205,077 |
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| Total stock-based compensation, discontinued operations |
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— |
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257,719 |
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| Total stock-based compensation |
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$ |
6,785,686 |
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$ |
2,462,796 |
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| Summary of Option Activity |
The following table summarizes the Company's service-based option activity for the year ended December 31, 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 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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5,938,365 |
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$ |
3.38 |
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$ |
2.16 |
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| Exercised |
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(75,239) |
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$ |
1.52 |
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$ |
1.34 |
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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 December 31, 2020 |
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8,830,674 |
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$ |
3.95 |
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$ |
2.36 |
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7.7 |
| Exercisable at December 31, 2020 |
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2,906,450 |
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$ |
4.42 |
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$ |
2.46 |
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5.0 |
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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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| Forfeited |
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(300,000) |
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$ |
4.98 |
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| Balance at December 31, 2020 |
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1,000,000 |
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$ |
3.29 |
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9.5 |
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$ |
— |
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| Exercisable at December 31, 2020 |
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500,000 |
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$ |
2.51 |
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9.5 |
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$ |
65,000 |
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(1) The aggregate intrinsic value in the above table represents the total pre-tax amount that a participant would receive if the option had been exercised on the last day of the respective fiscal period. Options with a market value less than its exercise value are not included in the intrinsic value amount.
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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, and the assumptions used to compute stock-based compensation expense for market-based stock option grants under a Monte Carlo simulation:
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Year Ended December 31, |
| Service-based options |
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2020 |
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2019 |
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| Risk-free interest rate |
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0.19% |
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— |
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1.48% |
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1.47% |
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— |
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2.59% |
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| Expected term of options (in years) |
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1.75 |
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— |
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6.25 |
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5.0 |
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— |
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6.25 |
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| Expected stock price volatility |
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70 |
% |
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79 |
% |
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55% |
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| Expected annual dividend yield |
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0% |
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0% |
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| Market-based options |
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| Risk-free interest rate |
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0.30% |
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0.34% |
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2.32% |
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| Expected term of options (in years) |
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4.3 |
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— |
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5.0 |
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10 |
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| Expected stock price volatility |
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80% |
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60% |
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| Expected annual dividend yield |
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0% |
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0% |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes the Company's RSU activity for the year ended December 31, 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 December 31, 2020 |
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155,833 |
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$ |
4.91 |
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