Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v3.20.4
Stock-Based Compensation
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains, as approved by the board of directors, the 2019 Stock Incentive Plan (the “Plan”) providing for the issuance of stock-based awards to employees, officers, directors or consultants of the Company. Non-qualified stock options may only be granted with an exercise price equal to the market value of the Company’s common stock on the grant date. Awards under the plans may be either vested or unvested options, or unvested restricted stock. The Plan has authorized 8.0 million shares for issuance of stock-based awards. As of December 31, 2020 and December 31, 2019, there were approximately 6.6 million and 8.0 million shares available for issuance of future stock awards, respectively, which includes shares available under the 2019 and 2017 incentive plans.

Stock-based compensation expense

The following table summarizes stock-based compensation expense:
Years Ended December 31,
2020 2019
Stock options $ 792,055  $ 1,542,644 
Restricted stock 3,228,750  437,354 
Total stock-based compensation expense $ 4,020,805  $ 1,979,998 

In November 2019, the vesting for 1.0 million stock options issued to an officer of the Company were accelerated, resulting in the remaining unvested compensation of approximately $0.5 million being recognized in the year ended December 31, 2019.

Stock options
The following table summarizes stock option activity:
Number of Options Weighted
Average
Exercise Price
per Option
Weighted
Average Grant
Date Fair Value
per Option
Weighted
Average
Remaining Contractual Life (Years)
Balance, December 31, 2018 3,867,621  $ 4.1 
Granted 2,450,000  1.0  0.5 
Exercised (736,552) 0.7 
Forfeited (907,500) 4.5 
Expired (948,569) 5.0 
Balance, December 31, 2019 3,725,000  2.3 
Granted 877,575  1.9  0.6 
Exercised (2,112,392) 2.4 
Forfeited (118,943) 5.8 
Expired (20,000) 2.4 
Balance, December 31, 2020 2,351,240  $ 2.0  5.5
Number of options exercisable at December 31, 2020 1,972,740  $ 2.1  5.8

As of December 31, 2020, unrecognized compensation expense was $0.2 million for unvested options, which is expected to be recognized over the next 1.8 years.

Restricted stock

The following table summarizes restricted stock activity:
Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2018 —  $ — 
Granted 1,805,222  2.6 
Vested (36,496) 2.7 
Forfeited —  — 
Balance, December 31, 2019 1,768,726  2.6 
Granted 657,135  2.9 
Vested (1,047,972) 2.6 
Forfeited —  — 
Balance, December 31, 2020 1,377,889  $ 2.7 
As of December 31, 2020, unrecognized compensation expense was $2.9 million for unvested restricted stock, which is expected to be recognized over the next 1.9 years.