Stock-based Compensation

3 Months Ended

Mar. 31, 2019

Stock-based Compensation [Abstract]

Stock-based Compensation

Note 10

Stock-based Compensation:

As of March 31, 2019, the Company had options to purchase 4,271,515 shares of common stock outstanding with a weighted-average exercise price of $2.02. As of March 31, 2019, options to purchase 1,009,097 shares are vested and exercisable. During the three months ended March 31, 2019, 71,250 in options were exercised at a weighted-average exercise price of $1.83 which resulted in the issuance of 28,824 shares of common stock. There are 1,142,210 options available for issuance as of March 31, 2019.

In connection with the closing of the Financing, there were changes to the board of directors and the Company issued equity grants to new members as well as equity grants to all members as compensation. In total, in 2018, the Company granted 140,097 restricted stock units to the board members at a fair value of $2.07. Restricted stock units of 19,324 issued to the Chairman were cancelled in January 2019. The restricted stock units vest quarterly over twelve months. The aggregate fair value of the restricted stock units granted was $290.

Stock-based compensation expense, which is included in general and administrative expense, for the three months ended March 31, 2019 and 2018 was $323 and $19, respectively. As of March 31, 2019, there was $2,189 in unrecognized compensation expense, which will be recognized over a weighted average period of 1.16 years.