Employee Stock Benefit Plans

3 Months Ended

Mar. 31, 2020

Disclosure Text Block

Employee Stock Benefit Plans

9. Employee Stock Benefit Plans

The Company has several share-based compensation plans under which stock options, restricted stock awards, restricted stock units, and other share-based awards are available for grant to employees, officers, directors and consultants of the Company.

The following table summarizes share-based compensation expense (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Research and development	$	1,396	$	2,918
Selling, general and administrative		4,968		10,499
Restructuring expenses		—		517
	$	6,364	$	13,934

In February 2019, following further analysis of the Company’s strategy and core business needs, and in an effort to further strengthen the operational efficiency of the organization, the Company commenced a reduction in workforce by approximately 35 employees, primarily based in the home office. Certain share-based payment awards were modified in connection with the reduction in workforce. As a result of the modifications, the Company recorded share-based compensation expense of approximately $0.5 million to restructuring expenses for the three months ended March 31, 2019.

In connection with certain other modifications of share-based payment awards for the three months ended March 31, 2020 and 2019, the Company recognized an insignificant amount and approximately $2.4 million in share-based compensation expense, respectively.