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Stock Option Plan | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock Option Plan | Stock Option Plan In September 2019, the Company's Board of Directors adopted, and the Company's stockholders approved, the 2019 Incentive Award Plan (the 2019 Plan). A total of (i) 2,011,832 shares of common stock plus (ii) shares subject to awards granted under the 2013 Plan on or before the effective date of the 2019 Plan became available for issuance under the 2019 Plan and was initially reserved for issuance under the 2019 Plan. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The options generally expire ten years after the date of grant and are exercisable to the extent vested. Vesting is established by the Board of Directors and is generally four years from the date of grant. As of September 30, 2020, 1,140,029 shares remained available for future awards. Activity under the Company's stock option plans is set forth below:
|  | Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, December 31, 2019 |  | 1,375,542 |  |  | $ | 8.33 |  |  | 9.16 |  | $ | 23,654 |
Granted |  | 901,531 |  |  | $ | 16.14 |  |  |  |  |
Exercised |  | (47,354) |  |  | $ | 0.27 |  |  |  |  |
Forfeited |  | (244,749) |  |  | $ | 10.05 |  |  |  |  |
Expired |  | (9,720) |  |  | $ | 29.11 |  |  |  |  |
Outstanding, September 30, 2020 |  | 1,975,250 |  |  | $ | 11.77 |  |  | 8.94 |  | $ | 5,064 |
Vested and expected to vest, September 30, 2020 |  | 1,975,250 |  |  | $ | 11.77 |  |  | 8.94 |  | $ | 5,064 |
Options exercisable, September 30, 2020 |  | 394,739 |  |  | $ | 6.51 |  |  | 8.25 |  | $ | 2,430 |
The intrinsic value is calculated as the difference between the fair value of the Company's common stock and the exercise price of the stock options. Stock-Based Compensation Expense The fair value of employee stock options was estimated using the following assumptions to determine the fair value of stock options granted:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Expected volatility |  | 52% |  | 59% |  | 47%-52% |  | 59%
Risk-free interest rate |  | 0.4% |  | 2.0% |  | 0.4%-1.7% |  | 2.0%-2.6%
Dividend yield |  | — |  | — |  | — |  | —
Expected term (in years) |  | 6.08 |  | 5.75-6.08 |  | 5.50-6.08 |  | 5.75-6.08
Total non-cash stock-based compensation expense recorded related to options granted in the condensed statement of operations is as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Cost of revenue |  | $ | 9 |  |  | $ | 4 |  |  | $ | 21 |  |  | $ | 6 |
Selling, general and administrative |  | 710 |  |  | 55 |  |  | 1,696 |  |  | 73 |
Research and development |  | 80 |  |  | 3 |  |  | 160 |  |  | 6 |
Total |  | $ | 799 |  |  | $ | 62 |  |  | $ | 1,877 |  |  | $ | 85 |
Stock-based compensation expense for the ESPP was immaterial for the three and nine months ended September 30, 2020. As of September 30, 2020, total unrecognized compensation cost was $9.3 million, which is expected to be recognized over a remaining weighted-average vesting period of 3.0 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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