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Stockholders' Equity And Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2020
Stockholders' Equity And Stock-Based Compensation [Abstract] |
Stockholders' Equity And Stock-Based Compensation | 4. Stockholders' Equity and Stock-Based Compensation ﻿ Preferred Stock ﻿ The Company’s Board of Directors (the “Board”) has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges, restrictions and the number of shares constituting any series or the designation of the series. ﻿ 2021 Registered Direct Offering ﻿ On February 12, 2021, the Company completed a common stock offering pursuant to which certain investors purchased 4,081,633 shares of common stock at a price of $49.00 per share. Net proceeds of the offering were approximately $189.7 million after deducting offering expenses. ﻿ 2020 Follow-on Public Offering ﻿ On November 13, 2020, the Company completed the sale of 9,375,000 shares of Cassava common stock in an underwritten public offering at a price of $8.00 per share. The Company received net proceeds from the offering of $70,251,000 after deducting underwriting discounts and offering expenses. ﻿ Common Stock Warrants In August 2018, the Company issued warrants to purchase up to an aggregate of 9.1 million shares of its common stock in conjunction with an offering of its common stock. During 2020, the Company received proceeds of $4.9 million from the exercise of 4.0 million shares pursuant to warrants. During 2019, the Company received proceeds of $5.9 million from the exercise of 4.6 million shares pursuant to warrants. ﻿ Subsequent to December 31, 2020, the Company received proceeds of $0.7 million from the exercise of an additional 0.6 million shares pursuant to warrants. There were no warrants outstanding following the 2021 exercises. ﻿ Warrants outstanding as of December 31, 2020 and 2019 were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  | Number of Shares Outstanding under Warrant
﻿ |  |  |  |  |  | December 31,
﻿Issuance Date |  | Expiration Date |  | Exercise Price Per Share |  | 2020 |  | 2019
﻿ |  |  |  |  |  |  |  |
﻿August 17, 2018 |  | February 17, 2021 |  | 1.25 |  | 554,019 |  | 4,496,116
﻿August 17, 2018 |  | February 17, 2021 |  | 1.59 |  | — |  | 7,975
﻿ |  |  |  |  |  | 554,019 |  | 4,504,091
﻿ |  |  |  |  |  |  |  |
﻿ At the Market (ATM) Common Stock Issuance ﻿ On March 27, 2020, the Company established an at-the-market offering program (ATM) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (the SEC) on May 5, 2020. The Company is obligated to pay a commission of 3.0% of the gross proceeds from the sale of shares of common stock in the offering. The Company is not obligated to sell any shares in the offering. ﻿ There were no common stock sales under the ATM during the year ended December 31, 2020. ﻿ 2008 Equity Incentive Plan ﻿ Under the Company’s 2008 Equity Incentive Plan, or 2008 Equity Plan, its employees, directors and consultants received share-based awards, including grants of stock options and performance awards. The 2008 Equity Plan expired in December 2017. Share-based awards generally expire ten years from the date of grant. ﻿ 2018 Equity Incentive Plan ﻿ In January 2018, the Company’s Board approved the Company’s 2018 Omnibus Incentive Plan (the 2018 Plan). The Company’s Board or a designated Committee of the Board is responsible for administration of the 2018 Plan and determined the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and performance awards. Share-based awards generally expire ten years from the date of grant. The 2018 Plan provides for issuance of up to 1,000,000 shares of common stock, par value $0.001 per share under the 2018 Plan, subject to adjustment as provided in the 2018 Plan. ﻿ When stock options or performance awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient. ﻿ Stock Options ﻿ The following summarizes information about stock option activity during 2020: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | Number of Options |  |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
﻿ |  |  |  |  |  |  |  | In years |  | In millions
﻿ | Outstanding as of December 31, 2019 |  | 3,210,965 |  | $ | 12.27 |  | 6.05 |  | $ | 4.2
﻿ | Options granted |  | 60,000 |  |  | 7.25 |  |  |  |  |
﻿ | Options exercised |  | (71,105) |  |  | 3.60 |  |  |  |  |
﻿ | Options forfeited/canceled |  | (382,356) |  |  | 20.31 |  |  |  |  |
﻿ | Outstanding as of December 31, 2020 |  | 2,817,504 |  |  | 11.30 |  | 5.60 |  | $ | 6.4
﻿ | Vested and expected to vest at December 31, 2020 |  | 2,817,504 |  |  | 11.30 |  | 5.60 |  | $ | 6.4
﻿ | Exercisable at December 31, 2020 |  | 2,167,633 |  | $ | 13.86 |  | 4.85 |  | $ | 3.7
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ The following summarizes information about stock options at December 31, 2020 by a range of exercise prices: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Options outstanding |  | Options exercisable
﻿ |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  | average |  | Weighted |  |  |  | Weighted
﻿ |  |  |  |  |  |  | Number of |  | remaining |  | average |  | Number of |  | average
﻿ | Range of exercise prices |  | outstanding |  | contractual |  | exercise |  | vested |  | exercise
﻿ | From |  | To |  | options |  | life (in years) |  | price |  | options |  | price
﻿ | $ | 0.95 |  | $ | 1.88 |  | 659,688 |  | 8.4 |  | $ | 1.47 |  | 251,613 |  | $ | 1.31
﻿ | $ | 3.24 |  | $ | 4.09 |  | 812,094 |  | 6.7 |  | $ | 3.51 |  | 643,377 |  | $ | 3.48
﻿ | $ | 4.10 |  | $ | 13.09 |  | 598,462 |  | 5.0 |  | $ | 10.89 |  | 525,383 |  | $ | 11.42
﻿ | $ | 14.21 |  | $ | 35.00 |  | 619,599 |  | 2.8 |  | $ | 24.02 |  | 619,599 |  | $ | 24.02
﻿ | $ | 36.40 |  | $ | 53.55 |  | 127,661 |  | 0.7 |  | $ | 51.72 |  | 127,661 |  | $ | 51.72
﻿ |  |  |  |  |  |  | 2,817,504 |  | 5.6 |  | $ | 11.30 |  | 2,167,633 |  | $ | 13.86
﻿ The Company uses Black-Scholes to estimate the fair value of options granted. Black-Scholes considers a number of factors, including the market price of the Company’s common stock. It used certain factors to value each stock option granted, which resulted in a weighted average fair value of options granted during 2020 and 2019, as follows: ﻿ ﻿
﻿ |  |  |  |
﻿ |  | 2020 |  | 2019
﻿ | Volatility | 123% to 139% |  | 118% to 119%
﻿ | Risk-free interest rates | 0.46% to 0.78% |  | 1.7% to 2.5%
﻿ | Expected life of option | 7 years |  | 7 years
﻿ | Dividend yield | zero |  | zero
﻿ | Forfeiture rate | zero |  | zero
﻿ | Weighted average fair value of stock options granted | $6.69 |  | $1.60
﻿ |  |  |  |
﻿ Volatility is based on reviews of the historical volatility of the Company’s common stock. Risk-free interest rates are based on yields of U.S. treasury notes in effect at the date of grant. Expected life of option is based on actual historical option exercises. Dividend yield is zero because the Company does not anticipate paying cash dividends in the foreseeable future. ﻿ As of December 31, 2020, the Company expects to recognize compensation expense of $1.5 million related to non-vested options held by equity plan participants over the weighted average remaining recognition period of 2.1 years. ﻿ Subsequent to December 31, 2020, there were 20,385 stock options exercised resulting in proceeds to the Company totaling $169,000. ﻿ Performance Awards ﻿ The following summarizes information about performance award activity during 2020: ﻿
﻿ |  |
﻿ |  | Number of Performance Awards
﻿Outstanding as of December 31, 2019 |  | 138,055
﻿Granted |  | —
﻿Vested performance awards |  | —
﻿Forfeited/Canceled |  | —
﻿Outstanding as of December 31, 2020 |  | 138,055
﻿ |  |
﻿ If and when outstanding performance awards vest, the Company would recognize $2.3 million in non-cash stock-based compensation expense. These performance awards expire between 2022 and 2026. ﻿ Stock-Based Compensation Expense ﻿ The following summarizes information about non-cash stock-based compensation expense, in thousands: ﻿
﻿ |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |
﻿ |  | Year ended |
﻿ |  | December 31, |
﻿ |  | 2020 |  | 2019 |
﻿Research and development |  | $ | 453 |  | $ | 542 |
﻿ |  |  |  |  |  |  |
﻿General and administrative |  |  | 535 |  |  | 754 |
﻿ |  |  |  |  |  |  |
﻿Total non-cash stock-based compensation expense |  | $ | 988 |  | $ | 1,296 |
﻿ |  |  |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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