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Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stock-based compensation expense is classified in the condensed consolidated statement of operations as follows:

(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development expenses	$	571	$	98	$	1,200	$	178
General and administrative expenses		1,117		5,053		2,193		6,839
Total stock-based compensation expense	$	1,688	$	5,151	$	3,393	$	7,017

The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Expected volatility		94.84	%		90.00	%		93.86	%		90.00	%
Expected dividends		0	%		0	%		0	%		0	%
Expected terms (years)		6.07			6.00			6.02			6.00
Risk free rate		0.34	%		1.44	%		0.42	%		1.44	%

A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2020 is as follows:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2019		5,840,538		$	5.11		7.72	$	45,037
Options granted		2,006,000			11.52
Options exercised		(581,270	)		7.88
Options cancelled/forfeited		(497,338	)		15.65
Outstanding at September 30, 2020		6,767,930		$	5.99		8.70	$	42,143
Exercisable as of September 30, 2020		1,840,302		$	5.11		7.20	$	13,694

A summary of the Company’s restricted stock unit activity and related information for the nine months ended September 30, 2020 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2019		72,000		$	3.47
Restricted stock units granted		152,000			9.26
Restricted stock units vested		(36,000	)		3.47
Restricted stock units forfeited		(1,500	)		3.47
Non-vested at September 30, 2020		186,500		$	8.19