Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

Stock-based Compensation
3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

Note 13 – Stock-based Compensation


The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the three months ended March 31, 2022 and 2021.


The following table contains information about the Company’s stock plan at March 31, 2022:


Reserved for
Issued &
for Grant
2013 Equity Compensation Plan     45,603 *     32,429 **     13,174  


* Increased by 8,651 thousand on January 1, 2022 representing 4% of the total number of shares of common stock outstanding on December 31, 2021.
** Includes both restricted stock grants and option grants



The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows:


    Three Months Ended March 31,  
    2022     2021  
Research and Development   $ 550     $ 485  
General and Administrative     710       616  
Total   $ 1,260     $ 1,101  


As of March 31, 2022, total compensation costs related to unvested awards not yet recognized was approximately $10.5 million and the weighted-average periods over which the awards are expected to be recognized was 2.7 years.


Stock Options


The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2022:


      Stock Options
Outstanding at December 31, 2021     28,184
Granted     225
Exercised     (195)
Forfeited     (100)
Cancelled     -
Expired     (366)
Outstanding at March 31, 2022     27,748


Restricted Stock Awards


During the three months ended March 31, 2022 and 2021, the Company granted restricted stock awards for 0 and 8 thousand shares of common stock, respectively. These awards are typically granted to members of the Board of Directors as payment in lieu of cash fees or as payment to a vendor pursuant to a consulting agreement. The Company values restricted stock awards at the fair market value on the date of grant. The Company recorded the value of these restricted awards as general and administrative expense of approximately $0 and $20 thousand in the condensed consolidated statement of operations for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was no unrecognized compensation costs related to restricted stock grants.