The Company recognized stock-based compensation as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Research and development	$	6,744	$	5,051	$	13,370	$	9,488
General and administrative		5,734		4,027		11,047		8,390
Total stock-based compensation	$	12,478	$	9,078	$	24,417	$	17,878

On January 1, 2022, the Company added 4,099,309 shares to the shares reserved for issuance under the 2019 Equity Incentive Plan (2019 Plan). As of June 30, 2022, the Company had reserved 20,715,934 shares of common stock for issuance under the 2019 Plan, of which 6,942,570 shares were available for issuance of future awards. On January 1, 2022, the Company adopted the 2022 Inducement Plan (Inducement Plan) and reserved 1,630,000 shares for issuance under the Inducement Plan for the grant of equity-based awards to individuals who were not previously employees or non-employee directors of the Company. As of June 30, 2022, 300,750 shares were available for issuance of future awards under the Inducement Plan.


	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding as of December 31, 2021		11,644,070		$	16.41
Granted		3,069,504			13.56
Exercised		(238,361	)		10.59
Forfeited		(735,800	)		18.86
Outstanding as of June 30, 2022		13,739,413		$	15.74	$	8.2	$	3,814
Exercisable as of June 30, 2022		5,920,555		$	15.07	$	7.3	$	2,258
Vested and expected to vest as of June 30, 2022		13,739,413		$	15.74	$	8.2	$	3,814

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money. As of June 30, 2022, total unrecognized stock-based compensation related to unvested stock options was $81.7 million, which the Company expects to recognize over a remaining weighted-average period of 2.3 years.

Activity for the RSUs is shown below. In May 2021, the Company began to issue RSUs with market conditions to certain executives, which are included in the table below. The RSUs with market conditions are earned based on stock price performance and continued service by the employee.


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested restricted stock units as of December 31, 2021		1,373,874		$	18.35
Granted		285,922			13.00
Vested		(205,444	)		19.69
Forfeited		(91,151	)		19.58
Unvested restricted stock units as of June 30, 2022		1,363,201		$	16.94

As of June 30, 2022, total unrecognized stock-based compensation related to unvested restricted stock units was $19.4 million, which the Company expects to recognize over a remaining weighted-average period of 1.9 years.

The 2019 Employee Stock Purchase Plan (2019 ESPP) enables eligible employees of the Company to purchase shares of common stock at a discount. As of June 30, 2022, the Company has reserved for issuance 2,864,225 shares of common stock pursuant to the 2019 ESPP. Each offering period is approximately six months long. 2019 ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the first trading day of the offering period or (2) the fair market value of the common stock on the purchase date.