Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-Based Compensation

Share-Based Compensation

12. Share-Based Compensation

Share-based compensation expense for all equity-based programs, including stock options, restricted stock units and the employee stock purchase plan, for the three months ended March 31, 2020 and 2019 was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows (in thousands):

	Three months ended March 31,
	2020		2019
Research and development	$	6,925	$	6,611
Selling, general and administrative		6,036		7,029
Total share-based compensation expense	$	12,961	$	13,640

We did not recognize a tax benefit related to share-based compensation expense during the three months ended March 31, 2020 and 2019, as we maintain net operating loss carryforwards and have established a valuation allowance against the entire net deferred tax asset as of March 31, 2020.

Stock Options

The following table summarizes the activity relating to our options to purchase common stock for the three months ended March 31, 2020:

				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value
	Options	Price		Term (Years)	(Thousands)
Outstanding at December 31, 2019	6,287,025	$	42.24
Granted	471,250		8.49
Exercised	(759)		3.14
Forfeited	(198,760)		49.86
Outstanding at March 31, 2020	6,558,756	$	39.58	6.1	$	731
Vested and expected to vest at March 31, 2020	6,412,785	$	39.84	6.0	$	704
Vested and exercisable at March 31, 2020	4,808,471	$	44.68	5.1	$	387

The aggregate intrinsic value in the table above represents the pretax intrinsic value, based on our closing stock price of $6.36 as of March 31, 2020, which would have been received by the option holders had all option holders with in-the-money options exercised their options as of that date.

The following table summarizes information about our stock options as of and for the three months ended March 31, 2020 and 2019 (in thousands, except per share amounts):

	Three months ended March 31,
	2020		2019
Weighted-average grant date fair value per share	$	6.55	$	18.83
Intrinsic value of options exercised	$	4	$	765
Cash received from stock option exercises	$	2	$	1,094

As of March 31, 2020, the unrecognized share-based compensation expense related to unvested options, adjusted for expected forfeitures, was $32.3 million and the estimated weighted-average remaining vesting period was 1.9 years.

Restricted Stock

The following table summarizes the activity relating to our unvested restricted stock units (“RSUs”) for the three months ended March 31, 2020:

		Weighted
		Average
	Number of	Grant Date
	Units	Fair Value
Unvested at December 31, 2019	2,171,347	$	28.37
Granted	2,368,303		8.29
Vested	(662,323)		27.19
Forfeited	(111,943)		25.04
Unvested at March 31, 2020	3,765,384	$	16.04
Expected to vest after March 31, 2020	3,569,090	$	15.45

As of March 31, 2020, the unrecognized share-based compensation expense related to unvested RSUs, adjusted for expected forfeitures, was $57.0 million and the estimated weighted-average remaining vesting period was 2.5 years.