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Stock-based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-Based Compensation
Stock-based compensation expense for stock options and RSUs is reflected in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2021202020212020
General and administrative$840 $101 $2,957 $248 
Research and development507 25 1,318 249 
Total$1,347 $126 $4,275 $497 
Stock-based compensation expense during the three and nine months ended September 30, 2021 included $41.3 thousand and $1.1 million of expense related to stock options with performance-based vesting conditions, respectively. No stock-based compensation expense during the three and nine months ended September 30, 2020 was related to stock options with performance-based vesting conditions.
As of September 30, 2021, the Company had $13.9 million of unrecognized stock-based compensation expense related to stock options and RSUs outstanding. This expense is expected to be recognized over a weighted-average period of 2.2 years as of September 30, 2021.
Equity Plans
The Company maintains two equity compensation plans, the 2014 Ocugen OpCo, Inc. Stock Option Plan (the “2014 Plan”) and the Ocugen, Inc. 2019 Equity Incentive Plan (the “2019 Plan”, collectively with the 2014 Plan, the "Plans"). As of September 30, 2021, the 2014 Plan and 2019 Plan authorize for the granting of up to 0.8 million and 11.5 million equity awards in respect to the Company's common stock, respectively. In addition to stock options and RSUs granted under the Plans, the Company has granted certain stock options and RSUs as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4), which were granted outside of the Plans.
Options to Purchase Common Stock
The following table summarizes the stock option activity:
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (years)Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2020
4,224,433 $0.84 8.9$5,496 
Granted7,469,300 $3.33 $— 
Exercised(901,250)$0.73 $8,042 
Forfeited(274,220)$2.96 $1,146 
Options outstanding at September 30, 2021
10,518,263 $2.56 9.0$49,552 
Options exercisable at September 30, 2021
991,429 $1.71 7.8$5,629 
Stock options not yet exercisable as of September 30, 2021 includes 1.5 million stock options with performance-based vesting conditions. There were no stock options with performance-based vesting conditions as of December 31, 2020. The weighted-average grant date fair values of stock options granted during the three and nine months ended September 30, 2021 were $5.97 and $2.77, respectively. The weighted-average grant date fair value of stock options granted during both the three and nine months ended September 30, 2020 was $0.34 per share. The total fair values of stock options vested during the three and nine months ended September 30, 2021 were $0.1 million and $0.7 million, respectively. The total fair values of stock options vested during the three and nine months ended September 30, 2020 were $0.1 million and $0.3 million, respectively.
RSUs
The following table summarizes the RSU activity:
Number of SharesWeighted-
Average
Grant-Date
Fair Value		Aggregate Intrinsic Value (in thousands)
RSUs outstanding at December 31, 2020
— $— $— 
Granted179,951 $6.69 $1,280 
Forfeited(900)$8.75 $6 
RSUs outstanding at September 30, 2021
179,051 $6.68 $1,286