Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.23.2
Stock-based Compensation
6 Months Ended
Jun. 30, 2023
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 six month periods ended June 30, 2023 and 2022.

 

The following table contains information about the Company’s stock plan at June 30, 2023:

 

    Awards
Reserved for
Issuance
    Awards
Issued &
Exercised
    Awards
Available
for Grant
 
2013 Equity Compensation Plan     54,294 *     39,359 **     14,935  

 

* Increased by 8,691 on January 1, 2023, representing 4% of the total number of shares of common stock outstanding on December 31, 2022.
** 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

June 30,

   

Six Months Ended

June 30,

 
    2023     2022     2023     2022  
Research and Development   $ 516     $ 555     $ 1,069     $ 1,105  
General and Administrative     692       660       1,411       1,370  
Total   $ 1,208     $ 1,215     $ 2,480     $ 2,475  

 

As of June 30, 2023, total compensation costs related to unvested awards not yet recognized was $7,437 and the weighted-average periods over which the awards are expected to be recognized was 2.3 years.

 

Stock Options

 

The following table summarizes the activity for Company’ stock options for the six months ended June 30, 2023:

 

    Stock Options  
Outstanding at December 31, 2022   34,739  
Granted   65  
Exercised   -  
Forfeited   (221 )
Expired   (39 )
Outstanding at June 30, 2023   34,544