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EQUITY INCENTIVE PLAN | 9 Months Ended
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Sep. 30, 2020
EQUITY INCENTIVE PLAN [Abstract] |
EQUITY INCENTIVE PLAN | 10. EQUITY INCENTIVE PLAN The Company currently issues stock awards under its 2017 Stock Option and Incentive Plan, as amended (the "2017 Plan") which will expire on June 5, 2027. Per the terms of the 2017 Plan, the shares authorized for issuance under the 2017 Plan were 913,586 at September 30, 2020, of which 105,433 remain available for future grant. The shares authorized under the 2017 Plan are subject to annual increases on January 1 by 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or such lessor number of shares determined by the Company’s Board of Directors or Compensation Committee. During the nine months ended September 30, 2020, the shares authorized for issuance increased by 394,905 shares. Stock Options. The Company accounts for all stock-based compensation payments to employees and directors, including grants of employee stock options, at fair value at the date of grant and expenses the benefit in operating expense in the condensed consolidated statements of operations over the service period of the awards. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and estimated forfeiture rate. During the nine months ended September 30, 2020, the Company granted stock options to purchase up to 393,050 shares of common stock at a weighted average exercise price of $1.99. The following table summarizes stock option activity under our plans during the nine months ended September 30, 2020:
|  | Number of |  | Weighted-Average
|  | Options |  | Exercise Price
Outstanding at January 1, 2020 |  | 490,330 |  | $ | 8.30
Granted |  | 393,050 |  |  | 1.99
Forfeited |  | (75,135) |  |  | 13.86
Outstanding at September 30, 2020 |  | 808,245 |  | $ | 4.72
Exercisable at September 30, 2020 |  | 335,493 |  | $ | 7.03
As of September 30, 2020, there were 690,057 options that were vested or expected to vest with an aggregate intrinsic value of $0.2 million and a remaining weighted average contractual life of 8.5 years. During the nine months ended September 30, 2019, there were 285,364 options granted with a weighted average exercise price of $2.37 and 16,351 options forfeited with a weighted average exercise price of $7.22. For the three and nine months ended September 30, 2020, we recorded compensation expense for all stock awards of $0.2 million and $0.5 million, respectively, within operating expense in the accompanying statements of operations. For the three and nine months ended September 30, 2019, we recorded compensation expense for all stock awards of $0.2 million and $0.5 million, respectively. As of September 30, 2020, the unrecognized compensation expense related to unvested stock awards was $1.7 million, which is expected to be recognized over a weighted-average period of 1.8 years.

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