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Stock Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation | Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
| Three Months Ended March 31, |  |  |
| 2021 |  | 2020 |  |  |  |  |  |  |  |  |
Research and development | $ | 754 |  |  | $ | 623 |  |  |  |  |  |  |  |  |  |
General and administrative | 1,026 |  |  | 786 |  |  |  |  |  |  |  |  |  |
Total stock-based compensation expense | $ | 1,780 |  |  | $ | 1,409 |  |  |  |  |  |  |  |  |  |
Schedule of Weighted Average Assumptions Used | The estimated grant date fair values of employee stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model, based on the following weighted-average assumptions:
| Three Months Ended March 31, |  |  |  |
| 2021 |  | 2020 |  |  |  |  |  |  |  |  |  |
Risk-free interest rate | 0.44 | % |  | 1.73 | % |  |  |  |  |  |  |  |  |  |
Dividend yield | — |  |  | — |  |  |  |  |  |  |  |  |  |  |
Expected term | 5.28 |  | 6.08 |  |  |  |  |  |  |  |  |  |
Expected volatility | 83.26 | % |  | 87.96 | % |  |  |  |  |  |  |  |  |  |
Weighted-average fair value of common stock | $ | 3.13 |  |  | $ | 2.30 |  |  |  |  |  |  |  |  |  |  |
Summary of Options Activity | The following table summarizes the stock option activity under the 2008 Plan, 2016 Plan, and 2018 Inducement Incentive Award Plan:
|  |  |  |  | Weighted-average |  |
|  |  |  |  | remaining |  | Aggregate
| Number of |  | Weighted-average |  | contractual term |  | intrinsic value
| options |  | exercise price ($) |  | (in years) |  | (in thousands)
Employees |  |  |  |  |  |  |
Outstanding at December 31, 2020 | 7,302,176 |  |  | $ | 3.98 |  |  | 8.43 |  | $ | 4,456 |
Granted | 2,628,000 |  |  | $ | 3.13 |  |  |  |  |
Exercised | (153,278) |  |  | $ | 1.47 |  |  |  |  |
Forfeited | (62,577) |  |  | $ | 5.19 |  |  |  |  |
Outstanding at March 31, 2021 | 9,714,321 |  |  | $ | 3.78 |  |  | 8.65 |  | $ | 15,665 |
Vested at March 31, 2021 | 3,064,130 |  |  | $ | 5.46 |  |  | 7.63 |  | $ | 4,313 |
Vested and expected to vest at March 31, 2021 | 8,920,548 |  |  | $ | 3.88 |  |  | 8.59 |  | $ | 14,231 |
Non-employee consultants |  |  |  |  |  |  |
Outstanding at December 31, 2020 | 473,073 |  |  | $ | 5.89 |  |  | 5.23 |  | $ | 86 |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited | — |  |  | $ | — |  |  |  |  |
Outstanding at March 31, 2021 | 473,073 |  |  | $ | 5.89 |  |  | 4.98 |  | $ | 366 |
Vested at March 31, 2021 | 462,186 |  |  | $ | 5.82 |  |  | 4.92 |  | $ | 366 |
Vested and expected to vest at March 31, 2021 | 473,073 |  |  | $ | 5.89 |  |  | 4.98 |  | $ | 366 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the Company’s restricted stock units under the 2016 Plan and 2018 Inducement Incentive Award Plan:
| Number of shares |  | Weighted average grant date fair value ($)
Unvested at December 31, 2020 | 87,500 |  |  | $ | 6.03 |
Granted | 468,550 |  |  | 2.99 |
Vested | (10,937) |  |  | 6.03 |
Reserved for issuance | 98,750 |  |  | 2.99 |
Forfeited | (800) |  |  | 2.99 |
Unvested at March 31, 2021 | 643,063 |  |  | $ | 3.35 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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