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EQUITY INCENTIVE PLANS | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
EQUITY INCENTIVE PLANS | EQUITY INCENTIVE PLANS 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan In December 2020, the Company's board of directors approved and adopted the 2020 Inducement Incentive Plan, or 2020 IIP. Under the 2020 IIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who were not previously employees or directors of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company. In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Equity Incentive Plan, or 2015 EIP. Under the 2015 EIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who are employees, officers, directors or consultants of the Company. The number of shares of stock available for issuance under the 2015 EIP is automatically increased each January 1 by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number as determined by the Company’s board of directors. Terms of stock award agreements, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2020 IIP and 2015 EIP. Stock options granted by the Company generally vest over a three- or four-year period. Certain stock options are subject to acceleration of vesting in the event of certain change of control transactions. The stock options may be granted for a term of up to 10 years from the date of grant. The exercise price for stock options granted under the 2020 IIP and 2015 EIP must be at a price no less than 100% of the fair value of the shares on the date of grant, provided that for an incentive stock option granted to an employee who at the time of grant owns stock representing more than 10% of the voting power of all classes of stock of the Company, the exercise price shall be no less than 110% of the value on the date of grant. 2015 Employee Stock Purchase Plan In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Employee Stock Purchase Plan, or the ESPP. The number of shares of stock available for issuance under the ESPP will be automatically increased each January 1 by the lesser of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, (ii) 490,336 shares, or (iii) such lesser number as determined by the Company’s board of directors. The ESPP allows substantially all employees to purchase the Company’s common stock through a payroll deduction at a price equal to 85% of the lower of the fair market value of the stock as of the beginning or the end of each purchase period. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s eligible compensation. During the three months ended March 31, 2022 and 2021, no shares were issued pursuant to the ESPP. As of March 31, 2022, total unrecognized compensation expense related to the ESPP was approximately $0.4 million. This unrecognized compensation cost is expected to be recognized over approximately 0.6 years. Restricted Stock Units The following table summarizes RSU and PRSU activity during the three months ended March 31, 2022:
| Number of RSUs and PRSUs |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021 | 1,174,087 |  |  | $ | 2.53 |
RSUs and PRSUs granted | 1,466,954 |  |  | 0.83 |
RSUs and PRSUs vested | (749,254) |  |  | 1.34 |
RSUs and PRSUs canceled | (48,159) |  |  | 2.86 |
Outstanding at March 31, 2022 | 1,843,628 |  |  | $ | 1.65 |
The weighted-average grant date fair value of RSUs and PRSUs granted during the three months ended March 31, 2021 was $2.56 per share. The total fair value of RSUs and PRSUs vested during the three months ended March 31, 2022 and 2021 was approximately $1.0 million and $0.3 million, respectively. At March 31, 2022, estimated unrecognized compensation expense related to RSUs and PRSUs grants was approximately $2.7 million. Stock Options The following table summarizes stock option activity during the three months ended March 31, 2022:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Total Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021 | 8,296,091 |  |  | $ | 3.21 |  |  | 6.31 |  | $ | — |
Options granted | 1,804,700 |  |  | 0.83 |  |  |  |  |
Options exercised | — |  |  | — |  |  |  |  |
Options canceled | (1,096,423) |  |  | 3.12 |  |  |  |  |
Outstanding at March 31, 2022 | 9,004,368 |  |  | $ | 2.74 |  |  | 7.53 |  | $ | 4 |
Vested and expected to vest at March 31, 2022 | 9,004,368 |  |  | $ | 2.74 |  |  | 7.53 |  | $ | 4 |
Exercisable at March 31, 2022 | 4,609,717 |  |  | $ | 3.75 |  |  | 5.86 |  | $ | — |
The intrinsic value of a stock option is the difference between the market price of the common stock at the measurement date and the exercise price of the option. The weighted-average grant date fair value of stock options granted by the Company during the three months ended March 31, 2022 and 2021 was $0.53 and $1.51 per share, respectively. Stock-based compensation expense recognized for restricted shares, RSUs, PRSUs, stock options, and the ESPP has been reported in the statements of operations as follows (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Research and development | $ | 455 |  |  | $ | 391 |  |  |  |  |
General and administrative | 883 |  |  | 488 |  |  |  |  |
Total | $ | 1,338 |  |  | $ | 879 |  |  |  |  |
As of March 31, 2022, total unrecognized share-based compensation expense related to unvested stock options was approximately $4.1 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.5 years.

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