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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recognized total stock-based compensation expense during the three and nine months ended September 30, 2020 and 2019 as follows (table in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Service-based awards:
Restricted stock units$9 $502 $243 $1,274 
Stock option awards243 597 1,019 1,796 
252 1,099 1,262 3,070 
Performance-based awards:
Restricted stock units(123)(332)(1,148)469 
Stock option awards121 110 (390)357 
(2)(222)(1,538)825 
Total$250 $877 $(276)$3,895 
Restricted Stock
A summary of the Company’s restricted stock awards during the nine months ended September 30, 2020 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020146,800 $5.70 
Unvested at September 30, 2020146,800 $5.70 
A summary of the Company’s restricted stock awards during the nine months ended September 30, 2019 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019146,800 $5.70 
Unvested at September 30, 2019146,800 $5.70 
The fair value of restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period of 20 months. As of September 30, 2020, unvested restricted stock awards of 146,800 were related to performance-based awards.
Service-Based Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the nine months ended September 30, 2020 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020463,786 $4.26 
Granted188,904 2.09 
Vested(247,561)4.30 
Forfeited(159,724)4.26 
Unvested at September 30, 2020245,405 $2.72 

A summary of the Company’s service-based restricted stock units during the nine months ended September 30, 2019 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019472,959 $4.32 
Granted222,497 4.26 
Forfeited(4,950)4.81 
Vested(96,542)4.70 
Unvested at September 30, 2019593,964 $4.23 
The fair value of service based restricted stock units are measured based on their fair value on the date of grant and amortized over the vesting period. The vesting periods range from 1 to 3 years. Stock-based compensation expense of nil and $0.2 million was recognized during the three and nine months ended September 30, 2020, respectively. Stock-based compensation expense of $0.5 million and $1.3 million was recognized during the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, the unrecognized stock-based compensation expense was $0.3 million, which is expected to be recognized over an estimated weighted average remaining term of less than 1 year. Included in the forfeited service-based restricted stock units are 96,541 and 55,556 units related to the resignation of the Company's former President and Chief Executive Officer on April 17, 2020 and the former Chief Financial Officer on July 3, 2020, respectively. These forfeited awards reduced stock-based compensation expense by $0.4 million.
Performance-Based Restricted Stock Units
A summary of the Company’s performance-based restricted stock units during the nine months ended September 30, 2020 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020988,958 $4.48 
Forfeited(988,958)4.48 
Unvested at September 30, 2020— $— 
A summary of the Company’s performance-based restricted stock units during the nine months ended September 30, 2019 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019988,958 $4.48 
Unvested at September 30, 2019988,958 $4.48 

Stock-based compensation expense recognized for performance-based restricted stock units was ($0.1) million and ($1.1) million during the three and nine months ended September 30, 2020 and ($0.3) million and $0.5 million for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, there was no unrecognized stock-based compensation expense related to performance-based restricted stock units. The forfeited performance-based restricted stock awards of 988,958 is due to the resignation of the Company's former President and Chief Executive Officer on April 17, 2020 and the resignation of the Company's former Chief Financial Officer effective July 3, 2020. These forfeited awards reduced stock-based compensation expense for the three and nine months ended September 30, 2020 by $0.1 million and $1.4 million, respectively.
Service-Based Stock Options
The fair value of the service-based stock options granted for the nine months ended September 30, 2020 were based on the following assumptions:
September 30,
2020
Exercise price
$1.17 - $2.90
Expected stock price volatility
68.2% - 75.0%
Risk-free interest rate
0.31% - 1.65%
Term (years)
5.5 - 6.0
A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2020 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20208,210,024 $7.06 5.1$107,150 
Granted2,252,344 1.95 5.9— 
Forfeited(440,026)3.96 — — 
  Expired(4,090,150)8.24 — — 
Outstanding at September 30, 20205,932,192 $4.54 6.7$— 
Exercisable at September 30, 20202,889,218 $6.95 3.8$— 
A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2019 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20197,856,480 $7.50 5.2$— 
Granted576,477 4.17 9.712,074 
Exercised(30,000)4.93 — — 
  Forfeited(620,700)6.34 — — 
Outstanding at September 30, 20197,782,257 $7.35 5.1$12,074 
Exercisable at September 30, 20196,340,901 $8.07 4.2$— 
The aggregate intrinsic value in the table above is calculated as the difference between the closing price of our common stock and the exercise price of the stock options that had strike prices below the closing price.
During the nine months ended September 30, 2020, the Company granted stock options to purchase up to 2,252,344 shares of common stock to certain employees.  During the nine months ended September 30, 2020, 440,026 shares were forfeited. Forfeitures are recorded in the period of occurrence; compensation expense is adjusted accordingly.
Stock-based compensation expense recognized for service-based stock options was $0.2 million and $1.0 million for the three and nine months ended September 30, 2020, respectively. Stock-based compensation expense recognized for service-based stock options was $0.6 million and $1.8 million for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $2.8 million, which is expected to be recognized over an estimated weighted average remaining term of 2.4 years. Included in the forfeited service-based stock options are 129,375 unvested options related to the resignation of the Company's former President and Chief Executive Officer on April 17, 2020 and 222,222 unvested options related to the resignation of the Company's former Chief Financial Officer effective July 3, 2020. These forfeited awards reduced stock-based compensation expense by $0.5 million. Included in the expired service-based stock options are 3,783,335 options related to the settlement with the former Chief Executive Officer, Robert Chioini, former Chief Financial Officer, Thomas Klema, and a former and then current director. See Note 14 for further details.
Performance-Based Stock Options
A summary of the performance-based stock options for the nine months ended September 30, 2020 is as follows:
Number of SharesWeighted Average
Exercise
Price
Outstanding at January 1, 2020388,125 $4.70 
Granted750,000 2.20 
Forfeited(388,125)4.70 
Outstanding at September 30, 2020750,000 $2.20 
Exercisable at September 30, 2020— $— 
A summary of the performance-based stock options for the nine months ended September 30, 2019 is as follows:
Number of SharesWeighted Average
Exercise
Price
Outstanding at January 1, 2019388,125 $4.70 
Outstanding at September 30, 2019388,125 $4.70 
Exercisable at September 30, 2019— $— 
Stock-based compensation expense recognized for performance-based stock options was $0.1 million and ($0.4) million for the three and nine months ended September 30, 2020. Stock-based compensation expense recognized for performance-based stock options was $0.1 million and $0.4 million during the three and nine months ended September 30, 2019. As of September 30, 2020, the unrecognized stock-based compensation expense related to unvested performance-based stock options was $0.4 million. The forfeited unvested performance-based stock options of 388,125 is due to the resignation of the Company's former President and Chief Executive Officer on April 17, 2020. These forfeited options reduced stock-based compensation expense by $0.7 million.