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Stock-Based Compensation
3 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

11.     Stock-Based Compensation

The following table presents all stock-based compensation as included on the condensed consolidated statements of operations (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Stock-based compensation expense:

 

 

 

 

 

 

 

 

Employee stock options

 

$

105

 

 

$

997

 

Employee RSUs

 

 

290

 

 

 

250

 

Non-employee RSUs

 

 

50

 

 

 

104

 

 

 

$

445

 

 

$

1,351

 

Stock-based compensation expense in operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

$

128

 

 

$

111

 

Selling, general and administrative

 

 

317

 

 

 

1,240

 

 

 

$

445

 

 

$

1,351

 

 

Stock Options

The following table summarizes stock option activity under all equity incentive plans for the three months ended March 31, 2020:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

 

Weighted-

Average

Remaining

Contractual

Life

(in years)

 

Outstanding at December 31, 2019

 

 

4,506,950

 

 

$

9.37

 

 

$

5,710

 

 

 

5.8

 

Outstanding at March 31, 2020

 

 

4,506,950

 

 

$

9.37

 

 

$

3,085

 

 

 

5.6

 

Vested and Exercisable at March 31, 2020

 

 

4,023,614

 

 

$

10.13

 

 

$

3,085

 

 

 

5.3

 

 

The total unrecognized compensation cost related to non-vested stock options as of March 31, 2020 is $1.0 million, which is expected to be recognized over a weighted-average period of 2.4 years.

During the three months ended March 31, 2019, we recognized proceeds of $4.1 million from exercises of stock options by our Chairman and CEO. There were no option exercises during the three months ended March 31, 2020.

Restricted Stock Units

The following table summarizes the restricted stock units, or RSUs, activity under the 2015 Plan for the three months ended March 31, 2020:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Grant Date

Fair Value

 

Unvested balance at December 31, 2019

 

 

1,139,428

 

 

$

2.23

 

Granted

 

 

33,500

 

 

$

6.43

 

Vested

 

 

(63,750

)

 

$

5.90

 

Forfeited

 

 

(6,650

)

 

$

2.71

 

Unvested balance at March 31, 2020

 

 

1,102,528

 

 

$

2.14

 

 

During the three months ended March 31, 2020, we granted 33,500 RSUs to employees. As of March 31, 2020, there was $1.3 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 2.0 years. Of that amount, $1.2 million of unrecognized expense is related to employee grants with a remaining weighted-average period of 2.1 years and $0.1 million of unrecognized expense is related to non-employee grants with a remaining weighted-average period of 0.6 years.

Warrants

During the three months ended March 31, 2019, we recognized proceeds of $35.2 million upon the exercise of warrants by our Chairman and CEO. As of December 31, 2019 there were no warrants outstanding, and no warrants were issued during the three months ended March 31, 2020.