In August 2020, the Company’s board of directors and stockholders adopted the Company’s 2020 Equity Incentive Plan, or the 2020 Plan, that became effective in connection with the IPO, and serves as the successor to the Company’s 2015 Stock Incentive Plan, or the 2015 Plan. The Company’s 2020 Plan authorizes the award of stock options, restricted stock units, or RSUs, restricted stock awards, or RSAs, stock appreciation rights, or SARs, performance awards and stock bonus awards. In March 2021, the Company increased the aggregate number of shares reserved for issuance by an additional 1,048,963 shares pursuant to the 2020 Plan. As of March 31, 2021, there were 2,762,909 shares available for issuance under the 2020 Plan.

In August 2020 the Company’s board of directors and stockholders adopted the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, that became effective in connection with the IPO, in order to enable eligible employees to purchase shares of the Company’s common stock with accumulated payroll deductions. As of March 31, 2021, there were 210,000 shares available for issuance under the ESPP. There have been no employee withholdings for the purchase of shares under the plan as of March 31, 2021.

During the year ended December 31, 2020, the Company issued 80,000 RSUs under the 2020 Plan. The weighted-average grant-date fair value per share of the RSUs was $16.50. As of March 31, 2021, none of the RSUs had vested or forfeited.

Stock-based compensation expense recognized for options and RSUs granted was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	257	$	75
General and administrative		872		151
Total stock-based compensation expense	$	1,129	$	226

As of March 31, 2021, the total unrecognized stock-based compensation expense related to outstanding unvested stock awards that are expected to vest was $13.4 million, which the Company expects to recognize over an estimated weighted-average term of 3.3 years.