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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationThe Company recognized total stock-based compensation expense during the three months ended March 31, 2021 and 2020 as follows (table in thousands):
Three Months Ended
March 31,
20212020
Service-based awards:
Restricted stock awards$— $— 
Restricted stock units$104 $238 
Stock option awards391 440 
495 678 
Performance-based awards:
Restricted stock awards(391)— 
Restricted stock units— 171 
Stock option awards(340)86 
(731)257 
Total$(236)$935 
Restricted Stock
A summary of the Company’s restricted stock awards during the three months ended March 31, 2021 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2021146,800 $5.70 
Forfeited(68,500)$5.70 
Unvested at March 31, 202178,300 $5.70 
A summary of the Company’s restricted stock awards during the three months ended March 31, 2020 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020146,800 $5.70 
Unvested at March 31, 2020146,800 $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 March 31, 2021, unvested restricted stock awards of 78,300 were related to performance-based awards. The forfeited performance-based restricted stock awards of 68,500 is due to the termination of the Company's former Chief Science Officer on January 19, 2021. These forfeited awards reduced stock-based compensation expense by $0.4 million.
Service-Based Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2021 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2021265,494 $2.60 
Granted10,050 2.09 
Vested(26,354)2.50 
Forfeited(11,466)4.81 
Unvested at March 31, 2021237,724 $2.49 

A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2020 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020463,786 $4.26 
Granted16,304 2.61 
Forfeited(7,460)4.15 
Vested— — 
Unvested at March 31, 2020472,630 $4.21 
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 $0.1 million and $0.2 million was recognized during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the unrecognized stock-based compensation expense was $0.1 million, which is expected to be recognized over an estimated weighted average remaining term of less than 1 year.
Performance-Based Restricted Stock Units
As of March 31, 2021, there were no outstanding performance-based restricted stock units.
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2020988,958 $4.48 
Unvested at March 31, 2020988,958 $4.48 
Service-Based Stock Options
The fair value of the service-based stock options granted for the three months ended March 31, 2021 were based on the following assumptions:
March 31,
2021
Exercise price
$1.03 - $1.75
Expected stock price volatility
75.8% - 77.4%
Risk-free interest rate
0.47% - 1.06%
Term (years)6
A summary of the Company’s service-based stock option activity for the three months ended March 31, 2021 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20215,717,956 $4.55 6.6$— 
Granted84,395 1.60 6.0— 
Forfeited(183,931)2.49 — — 
  Expired(225,834)7.66 — — 
Outstanding at March 31, 20215,392,586 $4.45 6.1$— 
Exercisable at March 31, 20212,762,976 $6.68 3.2$— 
A summary of the Company’s service-based stock option activity for the three months ended March 31, 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$107,000 
Granted51,148 2.30 9.9— 
  Forfeited(457,334)(7.02)— — 
Outstanding at March 31, 20207,803,838 $7.03 5.1$2,000 
Exercisable at March 31, 20206,146,337 $7.97 4.1$— 
The aggregate intrinsic value in the table above is calculated as the difference between the closing price of the Company's common stock and the exercise price of the stock options that had strike prices below the closing price.
During the three months ended March 31, 2021, the Company granted stock options to purchase up to 84,395 shares of common stock to certain employees. During the three months ended March 31, 2021, 183,931 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 $0.4 million for each of the three months ended March 31, 2021 and 2020. As of March 31, 2021, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $1.6 million, which is expected to be recognized over an estimated weighted average remaining term of 2.0 years.
Performance-Based Stock Options
A summary of the performance-based stock options for the three months ended March 31, 2021 is as follows:
Number of SharesWeighted Average
Exercise
Price
Outstanding at January 1, 2021750,000 $2.20 
Outstanding at March 31, 2021750,000 $2.20 
Exercisable at March 31, 2021— $— 
A summary of the performance-based stock options for the three months ended March 31, 2020 is as follows:
Number of SharesWeighted Average
Exercise
Price
Outstanding at January 1, 2020388,125 $4.70 
Outstanding at March 31, 2020388,125 $4.70 
Exercisable at March 31, 2020— $— 
Stock-based compensation expense recognized for performance-based stock options was ($0.3) million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively. The reduction in stock-based compensation expense was due to the performance criteria of certain performance-based options granted to officers of the Company becoming non-probable as of March 31, 2021. The Company will continue to assess the probability of the performance criteria until such time the criteria becomes probably and the performance-based stock option vests or continues to be non-probable and the performance-based stock option expires. As of March 31, 2021, there was no unrecognized stock-based compensation expense related to unvested performance-based stock options.