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Note 4 - Stock-based Compensation | 3 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 4. Stock-Based Compensation The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended June 30, 2022 and 2021 (in thousands):
|  | Three Months Ended June 30, |
|  | 2022 |  |  | 2021 |
Cost of revenues |  | $ | 29 |  |  | $ | 91 |
Research and development |  |  | 179 |  |  |  | 247 |
Selling, general and administrative |  |  | 825 |  |  |  | 954 |
Total |  | $ | 1,033 |  |  | $ | 1,292 |
The Company issued 25,806 shares of immediately vested common stock during the three months ended June 30, 2022. The Company issued 119,044 shares of immediately vested common stock, of which 110,752 shares were issued in-lieu of cash bonuses in the period, and 309,700 shares of restricted stock awards during the three months ended June 30, 2021. These restricted stock awards generally vest over 2-3 years. Awards for restricted stock include both time-based and performance-based awards. For options and restricted stock awards that vest upon the passage of time, expense is being recorded over the vesting period. Performance-based awards are expensed over the requisite service period based on probability of achievement. The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested stock options was $0.1 million at June 30, 2022. This expense will be recognized over a weighted average of approximately 2.0 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $4.3 million at June 30, 2022. This expense will be recognized over a weighted-average expense period of approximately 1.2 years. The Company granted 20,564 stock options during the three months ended June 30, 2022. The Company did not grant any stock options during the three months ended June 30, 2021. The stock options granted during the three months ended June 30, 2022 will vest over 2 years. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the three months ended June 30, 2022 are as follows:
|  | Three Months Ended June 30,
|  | 2022 |  | 2021
Expected volatility |  | 71.4% |  | N/A
Risk-free interest rate |  | 3.1% |  | N/A
Expected life (years) |  | 6.14 |  | N/A
Dividend yield |  | None |  | N/A

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