On April 15, 2021, the Company’s Board of Directors adopted the 2021 Incentive Award Plan (the “2021 Plan”) to replace the 2011 Stock Incentive Plan (the “2011 Plan”). The 2021 Plan was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on June 10, 2021. The 2021 Plan is administered by the Company’s Board of Directors and permits the Company to grant incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards.

There were 22,000 options granted during the nine months ended September 30, 2021 under 2021 Plan. No options granted during the three months ended September 30, 2021. The weighted-average grant date fair value per share of stock options granted during the three or nine months ended September 30, 2021 was $3.68. There were 22,000 options granted during the three and nine months ended September 30, 2020. At September 30, 2021, there were 253,000 shares remaining available for grant under the 2021 Plan.

The fair value of stock options granted to employees during the nine months ended September 30, 2021 was estimated at the date of grant using the following assumptions:

	Nine Months Ended September 30,
	2021			2020
Risk-free interest rate		0.73	%		0.2	%
Expected dividend yield	0%			0%
Expected term	5.22 years			5.3 years
Expected volatility	68.48%				67.00	%

The Company recognized stock-based compensation expense of $0.1 million, $0.4 million, $0.4 million and $1.3 million in general and administrative expense during the three and nine months ended September 30, 2021 and 2020, respectively.