Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(9) Stock-Based Compensation

Stock option activity, including options granted under the Xtant Medical Holdings, Inc. 2018 Equity Incentive Plan, as amended (the “2018 Plan”), and the Amended and Restated Xtant Medical Equity Incentive Plan and options granted to new hires to purchase shares of our common stock outside of any stockholder-approved plan, was as follows for the three months ended March 31, 2022 and 2021:

	2022							2021
	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)
Outstanding at January 1		3,201,666		$	1.80				2,190,892		$	2.25
Granted		109,164			0.65				—			—
Cancelled or expired		(301,983	)		2.73				(125	)		372.00
Outstanding at March 31		3,008,847		$	1.66		8.5		2,190,767		$	2.23		9.3
Exercisable at March 31		648,849		$	2.68		7.5		122,614		$	14.38		7.6

As of March 31, 2022, there was approximately $2.3 million of total unrecognized compensation expense related to unvested stock options. These costs are expected to be recognized over a weighted-average period of 2.9 years. The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $0.55.

Restricted stock unit activity for awards granted under the 2018 Plan was as follows for the three months ended March 31, 2022 and 2021:

	2022					2021
	Shares			Weighted Average Fair Value at Grant Date Per Share		Shares			Weighted Average Fair Value at Grant Date Per Share
Outstanding at January 1		2,970,104		$	1.39		2,503,698		$	1.54
Granted		88,983			0.65		—			—
Vested		(244,721	)		1.45		(244,716	)		1.45
Cancelled		(244,586	)		1.33		—			—
Outstanding at March 31		2,569,780		$	1.36		2,258,982		$	1.54