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STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION PLANS (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock Option Activity
The following table summarizes the stock option activity for all stock plans during the nine months ended September 30, 2020:
Options and Inducement Awards
Outstanding at December 31, 2019
567,842 
Granted
676,595 
Exercised
— 
Forfeited
(101,967)
Outstanding at September 30, 2020
1,142,470 
Exercisable at September 30, 2020
350,622 
Stock Award Activity For All Stock Plans
The following table summarizes the stock award activity for all stock plans during the nine months ended September 30, 2020:

Restricted Stock Awards and Units
Outstanding at December 31, 2019
6,359 
Granted
207,547 
Vested
(2,309)
Forfeited
(29,370)
Outstanding at September 30, 2020
182,227 
ESPP Activity
A summary of activity within the ESPP follows:
Nine Months Ended September 30,
(in thousands)20202019
Deductions from employees$116 $113 
Share-based compensation expense recognized70 75 
Remaining share-based compensation expense113 116 
Valuation Assumptions
The fair value of option grants is determined using the Black-Scholes option-pricing model and has been estimated with the following weighted-average assumptions:

Nine Months Ended September 30,
20202019
Risk-free interest rate
1.18 %2.24 %
Volatility
81.78 %72.10 %
Expected life (years)
6.036.04
Expected dividend yield
— — 
Share-Based Compensation Expense by Classification
Share-based compensation expense by classification for the three and nine months ended September 30, 2020 and 2019 are as follows:

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)2020201920202019
Research and development$668 $761 $1,877 $2,784 
General and administrative938 873 2,616 2,978 
     Total$1,606 $1,634 $4,493 $5,762