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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | 10. Stock-based Compensation Pursuant to the terms of the Company’s 2014 Equity Incentive Plan (“2014 Plan”), on January 1, 2022 and 2021, the Company automatically added 1,148,213 and 786,547 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of September 30, 2022, there were 62,995 shares of common stock available for future issuance under the 2014 Plan. As of September 30, 2022, there were 128,250 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”). During the nine months ended September 30, 2022 and 2021, there were options to purchase 109,000 and 182,600 shares of the Company’s common stock granted under the 2015 Plan, respectively. The activity for the Company’s 2009 Stock Option Plan, 2014 Plan, and 2015 Plan, for the nine months ended September 30, 2022, is summarized as follows:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value ($000) |
Outstanding — December 31, 2021 |  |  | 1,542,126 |  |  | $ | 14.89 |  |  |  | 7.45 |  |  | $ | 42 |
Granted |  |  | 664,000 |  |  | $ | 4.15 |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | (81,124 | ) |  | $ | 7.42 |  |  |  |  |  |  |
Outstanding — September 30, 2022 |  |  | 2,125,002 |  |  | $ | 11.82 |  |  |  | 7.61 |  |  | $ | 49 |
Exercisable — September 30, 2022 |  |  | 1,052,080 |  |  | $ | 18.11 |  |  |  | 6.30 |  |  | $ | — |
Vested or expected to vest — September 30, 2022 |  |  | 2,125,002 |  |  | $ | 11.82 |  |  |  | 7.61 |  |  | $ | 49 |
Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the nine months ended September 30, 2022, is summarized as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2021 |  |  | 133,834 |  |  | $ | 7.98 |
Granted |  |  | 943,465 |  |  | $ | 5.35 |
Vested |  |  | (48,131 | ) |  | $ | 8.29 |
Forfeited |  |  | (39,153 | ) |  | $ | 6.28 |
Non-vested at September 30, 2022 |  |  | 990,015 |  |  | $ | 5.52 |
The fair value of RSUs is based on the market price of the Company’s common stock on the date of grant. RSUs generally vest 25% annually over a four-year period from the date of grant. Upon vesting, the RSUs are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period. Compensation Cost The compensation cost that has been charged against income for stock awards under the 2014 Plan and the 2015 Plan was $1.0 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, and $3.1 million and $1.5 million for the nine months ended September 30, 2022 and 2021, respectively. The total income tax benefit recognized in the statements of operations for share-based compensation arrangements was zero for each of the three and nine months ended September 30, 2022 and 2021. Stock-based compensation expense related to stock options is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 327 |  |  | $ | 174 |  |  | $ | 955 |  |  | $ | 436 |
Selling, general and administrative |  |  | 710 |  |  |  | 414 |  |  |  | 2,104 |  |  |  | 1,092 |
Total |  | $ | 1,037 |  |  | $ | 588 |  |  | $ | 3,059 |  |  | $ | 1,528 |

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