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SHARE BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Equity incentive plans: As of September 30, 2022, 916,535 shares remain issuable under the 2019 Equity Incentive Plan (the "2019 Plan"). In addition, the Company maintains the 2018 Omnibus Incentive Plan (the "2018 Plan"). In January 2022, the number of shares reserved under the 2018 Plan automatically increased by 750,000 shares of common stock pursuant to the terms of the 2018 Plan. As of September 30, 2022, 220,357 shares remain issuable under the 2018 Plan. Employee Share Purchase Plan: The Company also has an Employee Share Purchase Plan ("ESPP") pursuant to which qualified employees (as defined in the ESPP) may elect to purchase designated shares of the Company’s common stock at a price equal to 85% of the lesser of the fair market value of the common stock at the beginning or end of each semi-annual share purchase period (“Purchase Period”). Employees are permitted to purchase the number of shares purchasable with up to 15% of the earnings paid (as such term is defined in the ESPP) to each of the participating employees during the Purchase Period, subject to certain limitations under Section 423 of the U.S. Internal Revenue Code. As of September 30, 2022, 2,165,534 shares remain available for grant under the ESPP. There were 66,673 shares of common stock purchased by employees pursuant to the ESPP during the nine months ended September 30, 2022. There were 42,989 shares of common stock purchased by employees pursuant to the ESPP during the nine months ended September 30, 2021. Options and RSUs granted to employees and directors: In the nine months ended September 30, 2022, the Company granted options and RSUs as follows:
| Nine months ended September 30, 2022 |  |
| Award amount |  | Exercise price range |  | Vesting period |  | Expiration
Employees and Directors: |  |  |  |  |  |  |
Options | 879,503 |  |  | $0.31 - $0.61 |  | 1 year - 4 years |  | 10 years
RSUs | 726,102 |  |  | — |  |  | 4 years |  | — |
The fair value of options and RSUs granted to employees and directors during the nine months ended September 30, 2022 and the nine months ended September 30, 2021 was $0.8 million and $9.4 million, respectively. The fair value of RSUs granted is based on the share price on the grant date. The fair value of options granted was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows:
| Nine months ended September 30
| 2022 |  | 2021
Dividend yield | 0 | % |  | 0 | %
Expected volatility | 73.70% - 74.40% |  | 68.38% - 69.38%
Risk-free interest rate | 2.20% - 2.92% |  | 0.50% - 1.29%
Expected term | 6 years |  | 6 years
Stock-based compensation expense (income) is reflected in the unaudited condensed consolidated statements of operations as follows:
| Three months ended September 30 |  | Nine months ended September 30
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Research and development expenses | $ | 355 |  |  | $ | 435 |  |  | $ | 977 |  |  | $ | 1,335 |
Selling, general and administrative | 819 |  |  | 1,662 |  |  | 2,605 |  |  | 4,334 |
Discontinued operations* | — |  |  | 308 |  |  | (352) |  |  | 1,079 |
Total | $ | 1,174 |  |  | $ | 2,405 |  |  | $ | 3,230 |  |  | $ | 6,748 |
*Income from stock based compensation is related to forfeitures.

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