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Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity Under Company's Equity Incentive Plans

The following table summarizes stock option activity under the Company’s equity incentive plans and related information:

		Number of Shares Underlying Outstanding Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (Years)
Outstanding — December 31, 2019			1,577,541			$	10.85				8.15
Options granted			971,250			$	6.25
Options exercised			(44,605	)		$	5.04
Options forfeited			(223,708	)		$	9.61
Options expired			(16,337	)		$	49.67
Outstanding — September 30, 2020			2,264,141			$	8.84				8.09
Exercisable — September 30, 2020			1,032,133			$	10.99

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

The fair value of employee stock options was estimated using the following weighted-average assumptions:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Employee Stock Options:
Risk-free interest rate		0.39%				1.65%				0.96%				2.39%
Expected term (in years)			6.06				5.90				5.78				5.98
Dividend yield		—				—				—				—
Volatility		115.62%				109.47%				112.87%				89.76%
Weighted-average fair value of stock options granted		$	4.61			$	5.60			$	5.17			$	5.93

Summary of Stock-Based Compensation Recognized

Total stock-based compensation recognized was as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Research and development		$	493			$	284			$	1,151			$	805
General and administrative(1)			575				517				1,556				1,728
Total stock-based compensation		$	1,068			$	801			$	2,707			$	2,533

(1) Included in general and administrative stock-based compensation for the three and nine months ended September 30, 2020 is expense related to 12,295 shares and 36,160 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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