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Equity-based Compensation and Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule of Restricted Common Stock Activity | The following table shows restricted common stock activity:
|  | Restricted stock awards |
|  |  |  |  |  | Weighted average grant date |
|  | Number of |  |  | fair value |
|  | shares |  |  | (per share) |
Unvested at December 31, 2018 |  |  | 118,679 |  |  | $ | 13.54 |
Granted |  |  | 585,600 |  |  |  | 2.49 |
Vested |  |  | (56,314 | ) |  |  | 13.55 |
Forfeited |  |  | (61,036 | ) |  |  | 9.19 |
Unvested at December 31, 2019 |  |  | 586,929 |  |  | $ | 2.97 |
Schedule of Equity-based Compensation Expenses | The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2019 and 2018 (in thousands):
|  | Years ended December 31, |
|  | 2019 |  |  | 2018 |
Research and development |  | $ | 1,377 |  |  | $ | 1,333 |
General and administrative |  |  | 2,757 |  |  |  | 2,984 |
|  | $ | 4,134 |  |  | $ | 4,317 |
Schedule of Equity-based Compensation Expenses by Award Type | The following table summarizes equity‑based compensation expense by type of award for the years ended December 31, 2019 and 2018 (in thousands):
|  | Years ended December 31, |
|  | 2019 |  |  | 2018 |
Stock options |  | $ | 3,789 |  |  | $ | 3,361 |
Restricted stock awards |  |  | 345 |  |  |  | 956 |
|  | $ | 4,134 |  |  | $ | 4,317 |
2015 and 2017 Plan |
Schedule of Weighted Average Assumption Used Black-Scholes Option-pricing Model for Stock Options Issued to Employees and Non-employees | The weighted average assumptions used in the Black-Scholes option-pricing model for stock options issued to employees and non-employees under its two active equity plans, the 2015 Plan and the 2017 Plan, during the years ended December 31, 2019 and 2018 were:
|  | Year ended December 31, |  |
Employees: |  | 2019 |  |  | 2018 |  |
Expected term |  | 6.2 years |  |  | 6.2 years |  |
Weighted-average, risk-free interest rate |  |  | 2.2 | % |  |  | 2.8 | % |
Expected volatility |  |  | 71.1 | % |  |  | 70.8 | % |
Dividend yield |  |  | — |  |  |  | — |  |
Schedule of Stock Option Activity | The following table summarizes stock option activity, as adjusted for the Exchange Ratio under the 2015 and 2017 Plans.
|  | Stock options outstanding |
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  |  |  |  |  | average |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | remaining |  |  | Aggregate |
|  |  |  |  |  | average |  |  | contractual |  |  | intrinsic |
|  | Number of |  |  | exercise |  |  | term |  |  | value (a) |
|  | options |  |  | price |  |  | (in years) |  |  | (in thousands) |
Outstanding at December 31, 2018 |  |  | 1,739,884 |  |  | $ | 11.92 |  |  |  | 9.0 |  |  | $ | — |
Granted |  |  | 1,427,030 |  |  |  | 7.07 |  |  |  |  |  |  |  | — |
Cancelled or Forfeited |  |  | (880,495 | ) |  |  | 11.02 |  |  |  |  |  |  |  | 25 |
Outstanding at December 31, 2019 |  |  | 2,286,419 |  |  |  | 9.24 |  |  |  | 8.7 |  |  | $ | 43 |
Vested or expected to vest at December 31, 2019 |  |  | 2,286,419 |  |  |  | 9.24 |  |  |  | 8.7 |  |  | $ | 43 |
Exercisable at December 31, 2019 |  |  | 845,102 |  |  |  | 11.43 |  |  |  | 8.1 |  |  | $ | — |
(a) | The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair market value of the underlying common stock for the options that were in the money at December 31, 2019. 132,500 options were in the money at December 31, 2019.

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