Quarterly report pursuant to Section 13 or 15(d)

4. Stock Option Plan (Tables)

v3.19.1
4. Stock Option Plan (Tables)
 3 Months Ended
Mar. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock option activity
        Options Outstanding
    Options Available   Number of Options   Weighted-Average Exercise Price
Balances at January 1, 2018   941,408   658,592    $ 0.94
Granted(1)   (487,304)    487,304   6.00
Forfeited(2)     40,000     (40,000)     6.00
Exercised     —     —     —
Balances at December 31, 2018       494,104   1,105,896             2.99
Granted     —      —     —
Forfeited       —       —       —
Exercised     —     —     —
Balances at March 31, 2019   494,104     1,105,896             2.99

 

(1) 32,004 options vest as follows: options to purchase up to 12,000 shares of common stock vest on the grant date, options to purchase up to 1,667 shares of common stock vest on the 1st of each month thereafter. 5,000 options vest 6/48ths on the grant date and 1/48th per month thereafter. 5,000 options vest 6/48ths on the six-month anniversary of grant date and 1/48th per month thereafter. 320,900 options vest 6/51 at the six-month anniversary of vesting commencement date and 1/51 per month thereafter, with vesting commencing on October 1, 2018. 104,400 options vest quarterly over 5 quarters, with the first quarter commenced on October 1, 2018. 20,000 options vest as follows: options to purchase up to 1,667 shares of common stock vest on January 31, 2019 and the last day of each month thereafter.

 

(2) Forfeited options resulted from an employee termination.
Summary of options outstanding
Exercise Prices   Number of Shares subject to Options Outstanding   Weighted Average Remaining Contractual Term   Number of Shares Subject to Options Fully Vested and Exercisable   Weighted Average Remaining Contractual Term
$ 0.001     555,520    7.5 years     423,500    7.3 years
6.00     550,376    9.3 years   92,943   8.9 years
      1,105,896         516,443