The Company adopted the 2012 Equity Incentive Plan (the “2012 Plan”) in May 2012. Including subsequent increases, the Company had reserved 14,000,000 shares for issuance. On December 31, 2021, there are 2,847,190 shares reserved for issuance and no shares available for future grant.

The Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”) in June 2020. The Company reserved 21,000,000 shares for issuance plus a carryover of 1,066,275 shares from the 2012 Plan for a total of 22,066,275 shares. In addition, returning shares from the 2012 Plan are available for issuance under the 2020 Plan. As of December 31, 2021, 5,750,000 shares were registered, 7,818,679 shares reserved for issuance and 30,564 shares available for future grant.

As of December 31, 2021 the Company had outstanding options to its employees to purchase up to 9,208,236 shares of the Company’s common stock, to its directors to purchase up to 1,397,633 shares of the Company’s common stock, as well as options to consultants in connection with services rendered to purchase up to 60,000 shares of the Company’s common stock.

Stock options to employees generally vest ratably in either quarterly or annual installments over three or four years, commencing on the first anniversary of the grant date and have contractual terms of ten years. Stock options to directors generally vest ratably over one or two years and have contractual terms of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation is recognized based on such fair value over the period of vesting on a straight-line basis.

Proceeds from the option exercises during the year ended December 31, 2021 amounted to $1.0 million and during the year ended December 31, 2020 amounted to $0.4 million. The intrinsic value of these options amounted to $0.8 million for the year ended December 31, 2021 and $0.3 million for the year ended December 31, 2020.

Stock option activity under the Company's stock options plans for the years ending December 31, 2021 and 2020 were as follows:


(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2019		5,842,879		3.21
Granted		2,222,368		3.39
Exercised		(338,333	)	2.01
Cancelled		(886,195	)	4.22
Outstanding, December 31, 2020		6,840,719		3.81
Granted		9,380,438		2.62
Exercised		(363,109	)	2.86
Cancelled		(5,192,179	)	3.65
Outstanding, December 31, 2021		10,665,869		$	2.87		8.67	$	—
Options exercisable, December 31, 2021		4,410,312		$	3.85		7.53	$	—
Options exercisable, December 31, 2020		3,596,315		$	4.17		6.90	$	598
Options available for future grant at December 31, 2021		30,564

The Company granted 400,000 inducement stock options on July 22, 2019 with exercise prices of $5.60, 65,000 on August 19, 2019 with exercise prices of $5.18, and 65,000 on November 21, 2019 with exercise prices of $4.59. The options vest ratably, over four years, commencing with one quarter on the first anniversary of the grant date and then quarterly thereafter. The options have a contractual term of ten years. These options were granted outside of the 2012 Plan and therefore, are not included in the table above. The grant date fair values were $1.5 million for the July 22, 2019 options, $231,000 for the August 19, 2019 options, and $193,000 for the November 21, 2019 options. As of December 31, 2021, 32,500 options are outstanding from all inducement stock options.

On December 31, 2021, total unrecognized compensation costs related to non-vested stock options outstanding amounted to $8.1 million. The cost is expected to be recognized over a weighted-average period of 2.1 years.

For the year ended December 31, 2021 the Company issued 1,601,224 shares of restricted stock and 805,900 in the year ended December 31, 2020 to employees and directors.

A summary of the status of restricted stock as of December 31, 2021 and 2020 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Non-vested, December 31, 2019		939,636			2.93
Granted		805,900			3.75
Vested		(764,359	)		3.51
Cancelled		(194,897	)		3.44
Non-vested, December 31, 2020		786,280			3.08
Granted		1,601,224			2.60
Vested		(754,137	)		3.40
Cancelled		(434,787	)		3.45
Non-vested, December 31, 2021		1,198,580		$	2.10

As of December 31, 2021, there was $2.1 million of total unrecognized stock-based compensation expense related to non-vested restricted stock arrangements. The expense is expected to be recognized over a weighted-average period of 2.15 years.