v3.20.2

Stockholders’ Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Warrant Activity

A summary of the Company’s warrant activity for the nine months ended September 30, 2020 was as follows:

			Shares of Stock under Warrants						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2020			24,406,000						$	1.76					4.82						$	7,933,000
Granted			95,396,000						0.22						4.53
Exercised			(90,093,000)						0.21												37,150,000
Canceled			—
Outstanding at September 30, 2020			29,709,000						$	1.54					4.11						$	1,813,000
Vested and exercisable at September 30, 2020			29,709,000						$	1.54					4.11						$	—

Summary of Stock Option Activity

A summary of the Company’s stock option activity under the Company's equity incentive plans for the nine months ended September 30, 2020 was as follows:   

			Shares of Stock under Stock Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2020			1,743,000						$	5.73					8.2						$	4,000
Granted			4,250,000						0.67
Exercised			—						—												$	—
Canceled			(662,000)						3.52
Outstanding at September 30, 2020			5,331,000						$	1.97					8.96						$	353,000
Vested and exercisable at September 30, 2020			1,119,000						$	5.10					7.31						$	—

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the periods presented were as follows: 

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Research and development			$	122,000					$	59,000					$	255,000					$	169,000
General and administrative			325,000						305,000						848,000						821,000
Total stock-based compensation expense			$	447,000					$	364,000					$	1,103,000					$	990,000

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants during the periods presented were as follows:

			Three Months Ended September 30,												Nine months Ended September 30,
			2020						2019						2020						2019
Risk-free interest rate			0.4		%				1.8		%				0.8		%				2.4		%
Expected volatility			77.9		%				68.2		%				74.8		%				68.2		%
Expected term (in years)			5.5						6.1						5.9						5.1
Expected dividend yield			0.0		%				0.0		%				0.0		%				0.0		%

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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