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Stock-Based Compensation
6 Months Ended
Jun. 30, 2022
Stock-Based Compensation  
Stock-Based Compensation

7. Stock-Based Compensation

Summary of Stock Option Activity

The following table summarizes the stock option and award activity for the six months ended June 30, 2022:

Options Outstanding

Weighted-

Weighted-

Options and

Average

Average

Aggregate

Awards

Exercise

Remaining

Intrinsic

Available for

Number of

Price Per

Contractual

Value

Grant

    

Options

    

Share

    

Life (years)

    

(In thousands)

Balance—December 31, 2021

 

1,038,956

1,783,298

$

5.21

8.0

$

10,891

Authorized

 

595,753

RSUs granted

(604,254)

RSUs cancelled/forfeited

11,111

Options granted

(489,244)

489,244

$

8.17

Options exercised

 

(33,961)

$

3.53

$

1,272

Options cancelled/forfeited

 

66,290

(88,654)

$

6.34

Balance—June 30, 2022

 

618,612

 

2,149,927

$

5.86

7.9

$

1,272

Options exercisable—June 30, 2022

 

 

802,192

$

5.55

6.5

$

638

The total grant date fair value of options vested was $853,000 and $220,000 during the three months ended June 30, 2022 and 2021, respectively, and $1.8 million and $533,000 during the six months ended June 30, 2022 and 2021, respectively.

The weighted-average grant date fair value of options granted was $4.40 and $3.18 per share during the three months ended June 30, 2022 and 2021, respectively, and $5.40 and $3.43 during the six months ended June 30, 2022 and 2021, respectively.

As of June 30, 2022, of the 88,654 options cancelled/forfeited during the six months ended June 30, 2022, 22,364 of the options relate to a prior stock-based compensation plan that are no longer available for grant under the current stock-based compensation plan.

2016 Employee Stock Purchase Plan

In January 2022, there was an increase of 198,584 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 814,341 shares available for future issuance under the Company’s ESPP as of June 30, 2022. Employees purchased 37,017 shares for $167,000 during the three and six months ended June 30, 2022. Employees purchased 32,186 shares for $92,000 during the three and six months ended June 30, 2021.

Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the six months ended June 30, 2022:

RSUs Outstanding

    

Weighted-

    

Average

Number of

    

Grant Date

Restricted Stock

    

Fair Value Per

    

Units

    

Share

Balance—December 31, 2021

384,307

$

5.00

Granted

 

604,254

$

7.14

Vested

(208,082)

$

5.66

Cancelled/forfeited

(11,111)

$

5.92

Balance—June 30, 2022

 

769,368

    

$

6.49

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 June 30, 2022, there was $4.5 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.6 years.

Stock-based Compensation Expense

As of June 30, 2022, there was $4.8 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 2.8 years.