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Stock-Based Compensation and Warrants (Tables)
6 Months Ended
Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity Under Stock Incentive Plans

A summary of activity under the stock incentive plans is as follows (in thousands, except share data and price per share):

 

 

 

Shares

Subject to

Outstanding

Options

 

 

Weighted-

Average

Exercise

Price Per

Share

 

 

Aggregate

Intrinsic

Value

 

Outstanding — Balance at December 31, 2019

 

 

661,701

 

 

$

21.60

 

 

$

305

 

Options granted

 

 

430,468

 

 

 

4.45

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(59,624

)

 

 

5.35

 

 

 

 

 

Options expired

 

 

(35,930

)

 

 

52.51

 

 

 

 

 

Outstanding — Balance at June 30, 2020

 

 

996,615

 

 

$

14.05

 

 

$

39

 

Vested and expected to vest — June 30, 2020

 

 

980,424

 

 

$

14.19

 

 

$

37

 

Exercisable —June 30, 2020

 

 

508,518

 

 

$

22.18

 

 

$

2

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Model with the following weighted-average assumption. There were 430,468 and 184,071 options granted during the six months ended June 30, 2020 and 2019, respectively.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Expected term (years)

 

 

7.69

 

 

 

7.34

 

 

 

6.57

 

 

 

7.14

 

Expected volatility

 

112%

 

 

97%

 

 

119%

 

 

99%

 

Risk-free interest rate

 

0.54%

 

 

2.04%

 

 

1.12%

 

 

2.06%

 

Dividend yield