Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 6: Stock-Based Compensation

In March 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan replaced the 2015 Plan and 3,570,000 shares were reserved under the 2018 Plan, along with any shares remaining available for issuance under our 2015 Plan or outstanding awards under our 2015 Plan that subsequently expire, lapse unexercised or are forfeited to or repurchased by the Company.

Total stock-based compensation expense was recognized in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three months ended March 31,
	2018		2017
Research and development	$	340	$	41
General and administrative		316		31
Total stock-based compensation	$	656	$	72

During the three-month periods ended March 31, 2018 and 2017, we granted 1,186,181 and 676,437 stock options, respectively, and these options had a weighted average grant-date fair value of $6.66 per share and $1.75 per share, respectively.

As a result of stock issuances under the Company’s stock plans, during the three-month periods ended March 31, 2018 and 2017, the Company issued 708,760 and 278,652 shares of our common stock, respectively.

As a result of early exercises under the 2015 Plan, approximately 1,329,165 and 812,769 shares had not vested and were subject to repurchase as of March 31, 2018 and December 31, 2017, respectively. The Company treats cash received from the exercise of unvested options as a refundable deposit and classifies such amounts as a liability in its condensed consolidated balance sheets. As of March 31, 2018 and December 31, 2017, the Company included cash received for the early exercise of unvested options of $3.8 million and $0.9 million, respectively, in its other current and long term liabilities, based on the timing of their expected vesting. Amounts included in liabilities are transferred into common stock and additional paid-in capital as the shares vest, which is generally over a period of 48 months.