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Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity

9. Stockholders’ Equity

 

Reconciliation of the changes in stockholders' equity for the three and nine months ended September 30, 2021 and 2020

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at December 31, 2020

 

 

71,738

 

 

$

—

 

 

$

505,123

 

 

$

(9,097

)

 

$

(97,455

)

 

$

398,571

 

Common stock issued upon exercise of options

 

 

11

 

 

 

—

 

 

 

92

 

 

 

—

 

 

 

—

 

 

 

92

 

Vesting of restricted stock and performance stock units

 

 

318

 

 

 

—

 

 

 

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(111

)

 

 

—

 

 

 

(1,730

)

 

 

—

 

 

 

—

 

 

 

(1,730

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

1,464

 

 

 

—

 

 

 

—

 

 

 

1,464

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,774

 

 

 

3,774

 

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,352

 

 

 

—

 

 

 

1,352

 

Unrealized gain on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

21

 

Balance at March 31, 2021

 

 

71,956

 

 

$

—

 

 

$

504,949

 

 

$

(7,724

)

 

$

(93,681

)

 

$

403,544

 

Common stock issued upon exercise of options

 

 

3

 

 

 

—

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

Vesting of restricted stock and performance stock units

 

 

64

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(15

)

 

 

—

 

 

 

(147

)

 

 

—

 

 

 

—

 

 

 

(147

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

1,473

 

 

 

—

 

 

 

—

 

 

 

1,473

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,364

)

 

 

(1,364

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,403

 

 

 

—

 

 

 

1,403

 

Unrealized loss on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(122

)

 

 

—

 

 

 

(122

)

Balance at June 30, 2021

 

 

72,008

 

 

$

—

 

 

$

506,304

 

 

$

(6,443

)

 

$

(95,045

)

 

$

404,816

 

Common stock issued upon exercise of options

 

 

18

 

 

 

—

 

 

 

126

 

 

 

—

 

 

 

—

 

 

 

126

 

Vesting of restricted stock and performance stock units

 

 

16

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(4

)

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

—

 

 

 

(47

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

2,218

 

 

 

—

 

 

 

—

 

 

 

2,218

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,015

)

 

 

(15,015

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,117

)

 

 

—

 

 

 

(4,117

)

Unrealized loss on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(161

)

 

 

—

 

 

 

(161

)

Balance at September 30, 2021

 

 

72,038

 

 

$

—

 

 

$

508,601

 

 

$

(10,721

)

 

$

(110,060

)

 

$

387,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at December 31, 2019

 

 

61,731

 

 

$

—

 

 

$

401,814

 

 

$

(12,136

)

 

$

(82,533

)

 

$

307,145

 

 

Common stock issued upon exercise of options

 

 

6

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

—

 

 

 

30

 

Vesting of restricted stock and performance stock units

 

 

486

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(197

)

 

 

—

 

 

 

(1,408

)

 

 

—

 

 

 

—

 

 

 

(1,408

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

1,376

 

 

 

—

 

 

 

—

 

 

 

1,376

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,328

)

 

 

(7,328

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,221

)

 

 

—

 

 

 

(9,221

)

Unrealized loss on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(442

)

 

 

—

 

 

 

(442

)

Balance at March 31, 2020

 

 

62,026

 

 

$

—

 

 

$

401,812

 

 

$

(21,799

)

 

$

(89,861

)

 

$

290,152

 

Common stock issued upon exercise of options

 

 

71

 

 

 

—

 

 

 

530

 

 

 

—

 

 

 

—

 

 

 

530

 

Vesting of restricted stock and performance stock units

 

 

161

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(50

)

 

 

—

 

 

 

(656

)

 

 

—

 

 

 

—

 

 

 

(656

)

Issuance of common stock in connection with public offering, net of commissions and expenses of $6,200

 

 

9,200

 

 

 

 

 

 

95,036

 

 

 

 

 

 

 

 

 

95,036

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

2,672

 

 

 

—

 

 

 

—

 

 

 

2,672

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,494

)

 

 

(10,494

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,726

 

 

 

—

 

 

 

3,726

 

Unrealized gain on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

791

 

 

 

—

 

 

 

791

 

Balance at June 30, 2020

 

 

71,408

 

 

$

—

 

 

$

499,394

 

 

$

(17,282

)

 

$

(100,355

)

 

$

381,757

 

Common stock issued upon exercise of options

 

 

202

 

 

 

—

 

 

 

1,555

 

 

 

—

 

 

 

—

 

 

 

1,555

 

Vesting of restricted stock and performance stock units

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchase and retirement of common shares

 

 

(1

)

 

 

—

 

 

 

(12

)

 

 

—

 

 

 

—

 

 

 

(12

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

1,865

 

 

 

—

 

 

 

—

 

 

 

1,865

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,040

 

 

 

1,040

 

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,953

 

 

 

—

 

 

 

1,953

 

Unrealized loss on marketable securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(266

)

 

 

—

 

 

 

(266

)

Balance at September 30, 2020

 

 

71,611

 

 

$

—

 

 

$

502,802

 

 

$

(15,595

)

 

$

(99,315

)

 

$

387,892

 

 

Stock-Based Awards

We grant stock-based awards under the OraSure Technologies, Inc. Stock Award Plan, as amended (the “Stock Plan”). The Stock Plan permits stock-based awards to employees, outside directors and consultants or other third-party advisors. Awards which may be granted under the Stock Plan include qualified incentive stock options, nonqualified stock options, stock appreciation rights, restricted awards, performance awards and other stock-based awards. We account for stock-based compensation to employees and directors using the fair value method. We recognize compensation expense for stock option and restricted stock awards issued to employees and directors on a straight-line basis over the requisite service period of the award. We recognize compensation expense related to performance-based restricted stock units based on assumptions as to what percentage of each performance target will be achieved. We evaluate these target assumptions on a quarterly basis and adjust compensation expense related to these awards, as appropriate. To satisfy the exercise of options, issuance of restricted stock, or redemption of performance-based restricted stock units, we issue new shares rather than shares purchased on the open market.

Total compensation cost related to stock options for the nine months ended September 30, 2021 and 2020 was $793 and $683, respectively.

 

Compensation cost of $2,891 and $3,329 related to restricted shares was recognized during the nine months ended September 30, 2021 and 2020, respectively.

 

We grant performance-based restricted stock units (“PSUs”) to certain executives. Vesting of these PSUs is dependent upon achievement of certain performance-based metrics during a one-year or three-year period from the date of grant. Assuming achievement of each performance-based metric, the executive must also generally remain employed for three years from the grant date. If the one-year target is achieved, the PSUs will then vest three years from grant date. If the three-year target is achieved, the corresponding PSUs will then vest three years from grant date. PSUs are converted into shares of our common stock once vested.

Compensation cost of $1,471 and $1,901 related to PSUs was recognized during the nine months ended September 30, 2021 and 2020, respectively.

 

Public Offering

 

On June 1, 2020, we entered into an underwriting agreement with J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Evercore Group LLC, as representatives of several underwriters, relating to the issuance and sale of 8,000 shares of our common stock. The price to the public in the offering was $11.00 per share. Under the terms of the underwriting agreement, we also granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 1,200 shares of common stock. On June 3, 2020, we announced the full exercise by the underwriters of their option to purchase these additional shares.

 

The offering was made pursuant to an effective registration statement on Form S-3 (File No. 333-228877) we had previously filed with the SEC, and a prospectus supplement thereunder. The net proceeds from the offering were approximately $95,000 after deducting underwriting discounts and offering expenses paid by the Company.

Stock Repurchase Program

On August 5, 2008, our Board of Directors approved a share repurchase program pursuant to which we are permitted to acquire up to $25,000 of our outstanding common shares. No shares were purchased and retired during the nine months ended September 30, 2021 and 2020.