Equity Incentive Plan |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan | Equity Incentive Plan The Company grants share-based payment awards to employees, non-employee directors and service providers of the Company under the Augmedix, Inc. 2020 Equity Incentive Plan (“2020 Plan”).
The 2020 Plan authorizes the award of stock options, restricted stock awards ("RSAs"), stock appreciation rights ("SARs"), restricted stock units ("RSUs"), performance awards, cash awards, and stock awards. Certain awards provide for accelerated vesting in the event of a change in control. Options issued may have a contractual life of up to 10 years and may be exercisable in cash or as otherwise determined by the Board of Directors. Vesting generally occurs over a period of not greater than four years.
The number of shares of common stock reserved for issuance under the 2020 Plan increased on January 1, 2021, and will increase each anniversary thereafter through 2030 by the number of shares of common stock equal to the lesser of 5% of the total number of outstanding shares of common stock as of the immediately preceding January 1, or a number as may be determined by the Company’s board of directors. As of June 30, 2024, there were 812,032 shares of common stock that remained available for grant under the 2020 Plan.
Share-based compensation expense in the following expense categories in the condensed consolidated statements of operations and comprehensive loss was as follows for the periods indicated:
No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements.
Stock Options and Stock Appreciation Rights
The grant date fair value of stock options and stock appreciation rights was estimated using a Black-Scholes option pricing model with the following weighted average assumptions:
The weighted average grant date fair value of stock option awards and SARs granted was $2.33 and $1.13 for the six months ended June 30, 2024 and 2023, respectively.
The following table summarizes stock option and SARs activity for the six months ended June 30, 2024:
The intrinsic value of the options exercised during the six months ended June 30, 2024 was $863 thousand. The aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2024 was $0.4 million and $0.4 million, respectively. At June 30, 2024, future stock-based compensation for options and SARs outstanding of $2.5 million will be recognized over a remaining weighted-average requisite service period of 2.2 years.
Restricted Stock Units
The following table summarizes RSU activity for the six months ended June 30, 2024:
The aggregate intrinsic value of RSUs outstanding as of June 30, 2024, was $1.8 million. At June 30, 2024, future stock-based compensation for RSUs granted and outstanding of $7.9 million will be recognized over a remaining weighted-average requisite service period of 3.6 years.
Performance and Market-Based Options
As more fully described in “Consolidated Financial Statements — Note 10. Equity Incentive Plans” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in March 2021, the Company granted 727,922 stock options to the Company’s Chief Executive Officer (“CEO”) under the 2020 Plan with an exercise price of $3.00 per share. These options vest based on the CEO’s continued service in addition the Company's stock price reaching the following thresholds for a minimum of 20 out of 30 trading days before the option expiration dates:
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