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Stock-Based Compensation and Warrants (Tables)
9 Months Ended
Sep. 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

 

 

491,494

 

 

 

4.32

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(131,849

)

 

 

6.39

 

 

 

 

 

Options expired

 

 

(40,463

)

 

 

48.57

 

 

 

 

 

Outstanding — Balance at September 30, 2020

 

 

980,883

 

 

$

13.87

 

 

$

1

 

Vested and expected to vest — September 30, 2020

 

 

965,445

 

 

$

14.03

 

 

$

1

 

Exercisable —September 30, 2020

 

 

540,267

 

 

$

21.51

 

 

$

 

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 491,494 and 186,571 options granted during the nine months ended September 30, 2020 and 2019, respectively.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Expected term (years)

 

 

6.01

 

 

 

6.24

 

 

 

6.50

 

 

 

7.13

 

Expected volatility

 

230%

 

 

99%

 

 

133%

 

 

99%

 

Risk-free interest rate

 

0.38%

 

 

1.84%

 

 

1.03%

 

 

2.05%

 

Dividend yield