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Stock-Based Awards
 9 Months Ended
Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Awards

6. Stock-Based Awards

The Company’s 2014 Stock Option and Incentive Plan, as amended (the “2014 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, performance-share awards, cash-based awards and dividend equivalent rights to employees, members of the board of directors and consultants of the Company. The Company has outstanding stock-based awards under its Amended and Restated 2006 Stock Option Plan but is no longer granting awards under this plan. The Company also issues common stock under its 2014 Employee Stock Purchase Plan (the “ESPP”). As of September 30, 2019, 4,197,460 shares are available for grant under the 2014 Plan, including 1,491,488 shares automatically added to the 2014 Plan on January 1, 2019, and 69,531 shares are available for issuance to participating employees under the ESPP.

The following tables summarize the Company’s stock option activity since December 31, 2018 and through September 30, 2019:

 

 

 

Shares

 

 

Weighted

 

 

Average

 

 

 

 

 

 

Issuable

 

 

Average

 

 

Remaining

 

Aggregate

 

 

 

Under

 

 

Exercise

 

 

Contractual

 

Intrinsic

 

 

 

Options

 

 

Price

 

 

Term

 

Value

 

 

 

 

 

 

 

 

 

 

 

(in years)

 

(in

thousands)

 

Outstanding as of December 31, 2018

 

 

5,024,371

 

 

$

8.85

 

 

7.6

 

$

3,143

 

Granted

 

 

2,276,197

 

 

$

4.00

 

 

 

 

 

 

 

Exercised

 

 

(10,667

)

 

$

0.75

 

 

 

 

 

 

 

Forfeited

 

 

(2,171,621

)

 

$

7.60

 

 

 

 

 

 

 

Outstanding as of September 30, 2019

 

 

5,118,280

 

 

$

7.24

 

 

6.4

 

$

—

 

Options exercisable as of September 30, 2019

 

 

2,701,812

 

 

$

9.53

 

 

4.2

 

$

—

 

The Company recorded stock-based compensation expense related to stock options, restricted common stock and the ESPP in the following expense categories within its condensed consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Research and development

 

$

(359

)

 

$

1,027

 

 

$

1,337

 

 

$

4,263

 

General and administrative

 

 

963

 

 

 

1,173

 

 

 

3,218

 

 

 

3,074

 

 

 

$

604

 

 

$

2,200

 

 

$

4,555

 

 

$

7,337