Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders’ Equity

Shares issued

During the three months ended March 31, 2020, the Company issued 74,509 shares of common stock upon vesting of Restricted Stock Units ("RSUs") granted by the Company.

During the three months ended March 31, 2020, the Company issued 1,598,636 shares of common stock granted to Company Employees.

During the three months ended March 31, 2020, the Company issued 48,531 shares of common stock upon vesting of RSUs granted to Board members.

During the three months ended March 31, 2020, the Company issued 94,363 shares of common stock to a prior Company executive to fulfill obligations related to separation agreement.

During the three months ended March 31, 2020, the Company issued 23,078 shares of common stock to a consultant to fulfill obligations related to a consulting agreement.

Stock-based compensation

The stock-based compensation expense was allocated as follows:


	Three months ended March 31,
	2020		2019
Cost of product sales	$	22	$	75
Research and development cost	105		115
General and administrative expense	829		877
Total	$	956	$	1,067

The following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of options granted during the period presented. There were no options issued during the three months ended March 31, 2020:


	Three months ended March 31,
	2019

Expected stock volatility	70.5% - 86.3%
Risk free interest rate	0.92% - 3.04%
Expected years until exercise	3.4
Dividend yield	0	%

There were no stock option exercises during the three months ended March 31, 2020 and March 31, 2019.

Restricted shares

In March 2020, the Company granted 830,000 restricted shares, all of which were subject to vesting, with a grant fair value of $280,000 to employees. The shares vest in three equal annual installments over a three-year period. No shares vested during the quarter.

Restricted stock units

In March 2020, the Company granted 1,293,164 RSUs, all of which were subject to vesting, with a grant fair value of $440,000 to employees. The shares vest in six equal semi-annual installments over a three-year period. No shares vested during the quarter.