In 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”) for eligible employees, officers, directors, advisors and consultants, which provides for the grant of incentive and non-statutory stock options and restricted stock units (“RSUs”) of common stock. The Company’s 2015 Stock Plan terminated in 2019 and no further grants may be made thereunder.

Stock option activity under the 2019 Plan is set forth below for the nine months ended September 30, 2020:

							Weighted
							Average
				Number of			Exercise
	Shares			Shares			Price Per
	Available			Outstanding			Share
Balances at December 31, 2019		1,874,759			1,313,468		$	9.77
Stock options authorized		873,321			—
Stock options granted		(343,621	)		343,621			34.75
Stock options exercised		—			(122,743	)		4.62
Stock options forfeited		16,381			(16,381	)		11.61
Balances at September 30, 2020		2,420,840			1,517,965		$	15.66

RSU activity under the 2019 Plan is set forth below for the nine months ended September 30, 2020:

			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
	Outstanding		Per Share
Balances at December 31, 2019		—	$	—
RSUs granted		56,500		44.66
RSUs vested and settled		—		—
RSUs forfeited		—		—
Balances at September 30, 2020		56,500	$	44.66

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the employee stock purchase plan was as follows (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	1,125	$	212	$	3,450	$	611
General and administrative		880		219		2,678		544
Total stock-based compensation expense	$	2,005	$	431	$	6,128	$	1,155

As of September 30, 2020, unrecognized stock-based compensation expense related to outstanding unvested stock options and RSUs that are expected to vest was $12.4 million. This unrecognized stock-based compensation expense is expected to be recognized over 2.19 years.

In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The Company reserved 240,336 shares of common stock pursuant to purchase rights to be granted to the Company’s employees. The 2019 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2020, by the lesser of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 240,336 shares or (3) a number determined by the board of directors that is less than (1) and (2).

Under the 2019 ESPP, eligible employees are granted rights to purchase shares of common stock, which can be funded through payroll deductions that cannot exceed 15% of each employee’s compensation. The 2019 ESPP generally provides for a 24-month offering period, which includes four six-month purchase periods. At the end of each purchase period, eligible employees are permitted to purchase shares of common stock at 85% of the lower of fair market value at the beginning of the offering period or fair market value at the end of the purchase period. The 2019 ESPP is considered a compensatory plan and the Company recorded stock-based compensation expense of $0.7 million and $2.0 million for the three and nine months ended September 30, 2020, respectively.