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Note 8 - Share-based Compensation
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
(
8
)
Share-Based Compensation
 
   
The share-based compensation expense is recorded in research and development, and selling, general and administrative expenses based on the employee's or non-employee's respective function.
No
share-based compensation was capitalized during the periods presented. Share-based compensation expense for the
three
months ended
March 31, 2021
and
2020
was recorded as follows (in thousands):
 
   
Three Months ended March 31,
  
   
2021
    
2020
  
Research and development
   $
206
     $
413
  
Selling, general and administrative
    
210
      
528
  
Total share-based compensation
   $
416
     $
941
  
 
 
   
On
January 29, 2020 (
the repricing date), the Company's Board of Directors repriced certain previously granted and still outstanding vested and unvested stock option awards held by employees, executives and certain service providers of the Company; as a result, the exercise price was lowered to
$5.32
per share.
No
other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing,
515,036
vested and unvested stock options outstanding with original exercise prices ranging from
$10.05
to
$97.21,
were repriced.
   
 
   
The repricing on
January 29, 2020
resulted in incremental stock-based compensation expense of
$569,000,
of which
$412,000
related to vested employee stock option awards and was expensed on the repricing date, and
$157,000
related to unvested stock option awards is being amortized on a straight-line basis over the approximately
three
year remaining weighted average vesting period of those awards.
 
   
The following table summarizes the activity of stock options and related information:
 
   
Options outstanding
    
 
 
 
  
 
 
 
   
Number of
shares
    
Weighted
average
exercise
price
    
Weighted
average
remaining
contractual
term (years)
    
Aggregate
intrisinsic
value

(in thousands)
  
                                 
Balance, December 31, 2020
    
1,114,306
     $
5.89
      
7.5
     $
177.1
  
Stock options granted
    
18,850
      
4.63
      
 
      
 
  
Stock options exercised
    
(1,580
 )    
2.49
      
 
      
 
  
Stock options forfeited
    
(44,643
 )    
4.30
      
 
      
 
  
Stock options expired
    
(125
 )    
5.32
      
 
      
 
  
Balance, March 31, 2021
    
1,086,808
     $
5.94
      
6.9
     $
423.8
  
Exercisable, March 31, 2021
    
661,430
     $
7.29
      
5.6
     $
73.0
  
 
 
   
Unrecognized share-based compensation for employee and nonemployee options granted through
March 31, 2021
is approximately
$1.7
million to be recognized over a remaining weighted average service period of
2.2
years.
   
 
   
Share-Based Compensation (RSUs)
   
 
   
The following summarizes the activity of non-vested RSUs:
 
   
 
 
 
  
Weighted
  
   
 
 
 
  
average
  
   
 
 
 
  
grant date
  
   
Number of
    
fair value
  
   
shares
    
per share
  
Balance, December 31, 2020
    
224,311
     $
4.12
  
RSUs granted
    
18,792
      
4.34
  
RSUs released
    
(40,100
 )    
4.20
  
Balance, March 31, 2021
    
203,003
     $
4.12
  
 
 
   
Unrecognized share-based compensation for employee and nonemployee RSUs granted through
March 31, 2021
is approximately
$24,000
to be recognized over a remaining weighted average service period of
2.1
years.