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Stock Incentive Plans (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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