Stock-based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based Compensation

Our 2019 Equity and Incentive Compensation Plan (the “EICP”) authorized at inception an aggregate of approximately 18,500,000 shares of common stock for awards to employees, directors and consultants. In the three-month period ended March 31, 2020, we granted 80,000 stock options to our employees under the EICP. Also, in the first quarter of 2020 we awarded inducement stock options to purchase 1,000,000 shares of our common stock. The EICP authorizes the issuance of stock-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards.

As of March 31, 2020, a total of 14,123,833 shares were available for issuance under our EICP, and stock-based awards to purchase 15,661,772 shares of common stock were outstanding under our current and former equity incentive plans, and 1,000,000 shares of common stock were outstanding as inducement awards granted outside of our equity incentive plans. For the three-month periods ended March 31, 2020 and 2019, stock-based compensation expense was approximately $1.3 million and $1.1 million, respectively. At March 31, 2020, total unrecognized estimated compensation cost related to unvested stock-based awards was approximately $8.3 million, which is expected to be recognized by the end of 2024 using the straight-line method.