Stock Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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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 ending December 31, 2019 and 2018 was as follows:
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Year Ended December 31, |
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2019 |
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2018 |
Research and development |
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$ |
464,382 |
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$ |
101,000 |
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General and administrative |
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1,549,844 |
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|
2,135,710 |
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Sales and marketing |
|
190,851 |
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|
57,271 |
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Total stock-based compensation, continuing operations |
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2,205,077 |
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2,293,981 |
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Total stock-based compensation, discontinued operations |
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257,719 |
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|
137,082 |
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Total stock-based compensation |
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$ |
2,462,796 |
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$ |
2,431,063 |
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| Summary of option activity |
A summary of option activity with service-based vesting conditions for the year ended December 31, 2019 is as follows:
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Options Outstanding |
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Number of shares |
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Weighted average exercise price |
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Grant date fair value of options |
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Weighted average remaining contractual term (in years) |
Balance at December 31, 2018 |
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3,746,597 |
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$ |
4.16 |
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7.8 |
Granted |
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2,631,927 |
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$ |
5.70 |
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$ |
8,106,310 |
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Exercised |
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(323,403 |
) |
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$ |
2.59 |
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Forfeited |
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(1,445,554 |
) |
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$ |
5.22 |
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$ |
4,218,136 |
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Expired |
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(428,961 |
) |
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$ |
4.99 |
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$ |
1,062,853 |
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Balance at December 31, 2019 |
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4,180,606 |
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$ |
4.80 |
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7.9 |
Exercisable at December 31, 2019 |
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2,228,748 |
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$ |
4.58 |
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6.8 |
A summary of option activity with market-based vesting conditions for the year ended December 31, 2019 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 remaining contractual term (in years) |
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Aggregate intrinsic value (1) |
Balance at December 31, 2018 |
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500,000 |
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$ |
4.24 |
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9.2 |
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Granted |
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300,000 |
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$ |
4.98 |
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Exercised |
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— |
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Forfeited |
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(500,000 |
) |
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$ |
4.24 |
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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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$ |
123,000 |
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Exercisable at December 31, 2019 |
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— |
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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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2019 |
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2018 |
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Risk-free interest rate |
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1.47% |
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— |
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2.59% |
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2.51% |
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— |
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3.01% |
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Expected term of options (in years) |
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5.0 |
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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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55% |
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55% |
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— |
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65% |
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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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2.32% |
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2.84% |
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Expected term of options (in years) |
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10 |
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10 |
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Expected stock price volatility |
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60% |
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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, 2019:
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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, 2018 |
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445,000 |
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$ |
4.27 |
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Granted |
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295,000 |
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$ |
4.98 |
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Vested |
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(172,500 |
) |
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$ |
4.52 |
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Forfeited |
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(300,000 |
) |
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$ |
4.24 |
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Unvested RSUs at December 31, 2019 |
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267,500 |
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