Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.2
Stock-Based Compensation
9 Months Ended
Sep. 30, 2021
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 Plan 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 September 30, 2021 and 2020, there were approximately 5.3 million and 6.6 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:

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Stock options $ 181,558  $ 302,806  $ 273,180  $ 730,564 
Restricted stock 1,039,647  435,710  2,980,366  2,037,170 
Total stock-based compensation $ 1,221,205  $ 738,516  $ 3,253,546  $ 2,767,734 

Stock options
The following table summarizes 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, 2020 2,351,240  $ 2.00  5.5
Granted 523,713  11.32  5.73 
Exercised (884,954) 3.20 
Forfeited (170,000) 0.94 
Expired (56,000) 6.13 
Balance, September 30, 2021 1,763,999  $ 4.14  5.3
Number of options exercisable at September 30, 2021 1,178,411  $ 1.07  0.5

As of September 30, 2021, unrecognized compensation expense was $2.9 million for unvested options which is expected to be recognized over the next 2.8 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, 2020 1,377,889  $ 2.70 
Granted 1,099,164  11.71 
Vested (810,586) 3.76 
Forfeited (482,212) 5.05 
Balance, September 30, 2021 1,184,255  $ 8.90 

As of September 30, 2021, unrecognized compensation expense was $10.4 million for unvested restricted stock awards which is expected to be recognized over the next 2.7 years.