The Company recognized stock-based compensation as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Research and development	$	4,801	$	5,414	$	19,335	$	14,902
General and administrative		5,964		4,787		15,848		13,177
Total stock-based compensation	$	10,765	$	10,201	$	35,183	$	28,079

On January 1, 2022, 4,099,309 shares were added to the shares reserved for issuance under the 2019 Equity Incentive Plan (2019 Plan) pursuant to the annual automatic increase. As of September 30, 2022, the Company had reserved 20,567,583 shares of common stock for issuance under the 2019 Plan, of which 7,299,300 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. On September 22, 2022, the Company increased the number of shares available for issuance under the 2022 Inducement Plan to a total of 3,300,000 shares. As of September 30, 2022, 1,970,750 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		3,672,305			13.11
Exercised		(292,639	)		10.30
Forfeited		(1,837,927	)		19.22
Outstanding as of September 30, 2022		13,185,809		$	15.23	$	8.0	$	2,060
Exercisable as of September 30, 2022		6,415,889		$	14.74	$	7.1	$	1,510
Vested and expected to vest as of September 30, 2022		13,185,809		$	15.23	$	8.0	$	2,060

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 September 30, 2022, total unrecognized stock-based compensation related to unvested stock options was $67.2 million, which the Company expects to recognize over a remaining weighted-average period of 2.7 years.

Activity for the RSUs with market conditions and service conditions, respectively is shown below:


	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		612,912			11.83
Vested		(307,204	)		19.27
Forfeited		(275,545	)		18.20
Unvested restricted stock units as of September 30, 2022		1,404,037		$	15.33

As of September 30, 2022, total unrecognized stock-based compensation related to unvested restricted stock units was $17.3 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. On January 1, 2022, 591,397 shares were added to the shares reserved for issuance under the 2019 ESPP pursuant to the annual automatic increase. As of September 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.