Stock-based Compensation

6 Months Ended

Jun. 30, 2019

Stock-based Compensation [Abstract]

Stock-based Compensation

Note 10

Stock-based Compensation:

As of June 30, 2019, the Company had options to purchase 4,033,038 shares of common stock outstanding with a weighted-average exercise price of $1.78. As of June 30, 2019, options to purchase 1,640,421 shares are vested and exercisable. During the six months ended June 30, 2019, 86,250 in options were exercised at a weighted-average exercise price of $1.74 which resulted in the issuance of 36,410 shares of common stock. There are 1,385,011 options available for issuance as of June 30, 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 and six months ended June 30, 2019, was $303 and $626, respectively; and for the three and six months ended June 30, 2018, was $184 and $203, respectively. As of June 30, 2019, there was $1,884 in unrecognized compensation expense, which will be recognized over a weighted average period of 1.05 years.