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SHARE-BASED COMPENSATION PLANS (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021:
Options and Inducement Awards
Outstanding at December 31, 2020
1,510,968 
Granted
823,000 
Exercised
— 
Forfeited
(348,691)
Outstanding at September 30, 2021
1,985,277 
Exercisable at September 30, 2021
466,587 
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, 2021:
Restricted Stock Awards and Units
Outstanding at December 31, 2020
129,861 
Granted
136,626 
Vested
(95,001)
Forfeited
(2,506)
Outstanding at September 30, 2021
168,980 
ESPP Activity A summary of activity within the ESPP follows:
Nine Months Ended
(in thousands)September 30, 2021September 30, 2020
Deductions from employees$— $116 
Share-based compensation expense recognized— 70 
Remaining share-based compensation expense— 113 
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, 2021September 30, 2020
Risk-free interest rate
0.84 %1.18 %
Volatility
90.35 %81.78 %
Expected life (years)
5.636.03
Expected dividend yield
— — 
Share-Based Compensation Expense by Classification
Share-based compensation expense by classification for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended
Nine Months Ended
(in thousands)
September 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Research and development$296 $668 $829 $1,877 
General and administrative557 938 1,748 2,616 
     Total$853 $1,606 $2,577 $4,493