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Stock-Based Compensation
3 Months Ended
Mar. 31, 2020
Stock-Based Compensation  
Stock-Based Compensation

8. Stock-Based Compensation

 

The following table summarizes the stock option and award activity for the three months ended March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

 

 

 

 

 

Weighted-

 

Weighted-

 

 

 

 

 

Options and

 

 

 

Average

 

Average

 

 

 

 

 

Awards

 

 

 

Exercise

 

Remaining

 

Aggregate

 

 

Available for

 

Number of

 

Price Per

 

Contractual

 

Intrinsic

 

 

Grant

    

Options

    

Share

    

Life (years)

    

Value

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Balance—December 31, 2019

 

638,227

 

1,931,903

 

$

7.17

 

6.5

 

$

188

Authorized

 

542,452

 

 

 

 

 

 

 

 

 

 

RSUs granted

 

(228,013)

 

 

 

 

 

 

 

 

 

 

RSUs cancelled/forfeited

 

24,697

 

 

 

 

 

 

 

 

 

 

Options granted

 

(631,055)

 

631,055

 

$

2.30

 

 

 

 

 

Options cancelled/forfeited

 

120,313

 

(125,834)

 

$

8.08

 

 

 

 

 

Balance—March 31, 2020

 

466,621

 

2,437,124

 

$

5.86

 

7.5

 

$

225

Options exercisable—March 31, 2020

 

 

 

1,133,244

 

$

7.08

 

5.6

 

$

 —

 

The total grant date fair value of options vested was $799,000 and $710,000 during the three months ended March 31, 2020 and 2019, respectively.

 

The weighted-average grant date fair value of employee options granted was $1.52 and $4.00 per share during the three months ended March 31, 2020 and 2019, respectively.

 

2016 Employee Stock Purchase Plan

 

In January 2020, there was an increase of 180,817 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP). The Company had 576,817 shares available for future issuance under the Company’s ESPP as of March 31, 2020. Employees did not purchase any shares during the three months ended March 31, 2020 and 2019.

 

Restricted Stock Units

 

The following table summarizes Restricted Stock Units (RSUs) activity for the three months ended March 31, 2020:

 

 

 

 

 

 

 

 

 

RSUs Outstanding

 

 

 

    

Weighted-

 

 

 

    

Average

 

 

Number of

    

Grant Date

 

 

Restricted Stock

    

Fair Value Per

 

    

Units

    

Share

Balance—December 31, 2019

 

211,962

    

$

6.97

Granted

 

228,013

    

 

3.08

Vested

 

(88,375)

    

 

5.90

Cancelled/forfeited

 

(24,697)

    

 

7.59

Balance—March 31, 2020

 

326,903

    

$

4.50

 

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. As of March 31, 2020, there was $1.1 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.9 years.

 

Stock-based Compensation Expense

 

As of March 31, 2020, there was $4.2 million of total unrecognized compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 3.1 years. Compensation cost capitalized within inventory at March 31, 2020 and at December 31, 2019 was not material.