In December 2014, the Company adopted the LogicBio Therapeutics, Inc. 2014 Equity Incentive Plan, as amended (the “2014 Plan”), for the issuance of stock options and other stock-based awards. In October 2018, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) became effective and as a result, no further awards have been, or will be, made under the 2014 Plan. The 2018 Plan was established to provide equity-based ownership opportunities for employees and directors, as well as outside consultants and advisors. Any awards granted under the 2014 Plan prior to the adoption of the 2018 Plan remained outstanding in accordance with their respective terms.

Under the 2018 Plan, there is an annual increase on January 1 of each year from 2019 until 2028, by the lesser of (i) 4% of the number of shares of common stock outstanding on December 31 of the prior year and (ii) an amount determined by the Company’s Board of Directors (“Board”). On January 1, 2022, the number of shares available for future grant under the 2018 Plan increased by 1,318,271 shares. At March 31, 2022, there were 752,054 shares available for future grant under the 2018 Plan.

The 2018 Plan is administered by the Compensation Committee of the Board, except with respect to such matters that are not delegated to the Compensation Committee by the Board (collectively, the “Administrator”). The exercise prices, vesting and certain other restrictions are determined at the discretion of the Administrator, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the common stock on the date of grant. The term of stock options awarded under the 2018 Plan may not exceed 10 years from the grant date. Stock options, shares of restricted stock and restricted stock units (“RSUs”) granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over one to four years.

During the three months ended March 31, 2022 and 2021, the Company granted options with time-based vesting to purchase 1,473,150 and 1,087,456 shares of common stock, respectively, with a weighted-average grant date fair value per share of $0.46 and $5.16, respectively. The Company recorded stock-based compensation expense for options granted of $844 and $839 during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there were 5,635,975 outstanding options, of which 3,513,828 were unvested, and $7,985 of unrecognized stock-based compensation expense to be recognized over a weighted-average period of 2.72 years.

The Company has granted shares of restricted stock with time-based and performance-based vesting conditions from time to time. The Company did not grant any restricted stock during the three-month periods ended March 31, 2022 or 2021. During the three months ended March 31, 2022, no expense was recorded for restricted stock previously granted. During the three months ended March 31, 2021, the Company recorded stock-based compensation expense of $30 related to restricted stock previously granted. As of March 31, 2022, there were no unvested shares of restricted stock outstanding.

The Company has granted RSUs with time-based vesting conditions from time to time. Each RSU represents the right to receive one share of the Company’s common stock upon vesting. The fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the vesting period. The Company did not grant any RSUs during the three months ended March 31, 2022. The Company granted 5,939 RSUs during the three months ended March 31, 2021. The Company recorded stock-based compensation for RSUs of $2 and $120 during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there were no unvested RSUs outstanding.

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the three months ended March 31, 2022 and 2021 is as follows:

	Three Months Ended March 31,
	2022		2021
Research and development	$	282	$	304
General and administrative		564		685
Total stock-based compensation expense	$	846	$	989