Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

A summary of stock option activity for the three months ended March 31, 2021 under all the Company’s options plans is as follows:

	Options			Weighted Average Exercise Price
Outstanding at January 1, 2021		3,728,149		$	5.57
Granted		758,240			16.13
Exercised		(250,242	)		(3.13	)
Cancelled (forfeited)		(11,932	)		(3.33	)
Cancelled (expired)		(104	)		(162.09	)
Outstanding at March 31, 2021		4,224,111		$	7.61

The weighted average fair value of options granted during the three months ended March 31, 2021 was $13.30 per share.

The Company valued the options granted using the Black-Scholes options pricing model and the following weighted-average assumption terms for the three months ended March 31, 2021:

	Three Months Ended
	March 31, 2021
Exercise price	$16.07 - $17.79
Market value	$16.07 - $17.79
Expected term	6 years
Expected volatility	109%
Risk-free interest rate	1.06% - 1.08%
Expected dividend yield	-%

The Company recorded stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands): 

	Three Months Ended March 31,
	2021		2020
General and administrative	$	364	$	211
Research and development	$	146	$	54
Total stock-based compensation	$	510	$	265

At March 31, 2021, the Company had $12.8 million of total unrecognized stock-based compensation expense, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 2.7 years.