Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June,				Six months ended June 30,
	2018		2017		2018		2017
Research and development		701	$	67		1,041	$	108
General and administrative		415		64		731		95
Total stock-based compensation	$	1,116	$	131	$	1,772	$	203

The Company granted 210,808 and 1,396,989 stock options for the three and six month periods ended June 30, 2018, respectively, and 190,145 and 866,582 for the three and six month periods ended June 30, 2017, respectively. These options had a weighted average grant-date fair value of $11.23 and $7.29 per share for the three and six month periods ended June 30, 2018, respectively, and $1.76 and $1.75 for the three and six month periods ended June 30, 2017, respectively.

As a result of stock issuances under the Company’s stock plans, the Company issued 5,171 and 713,931 shares of our common stock for the three and six month periods ended June 30, 2018, respectively, and 240,407 and 519,059 for the three and six month periods ended June 30, 2017, respectively.

As a result of early exercises under the 2015 Plan, approximately 1,181,717 and 812,769 shares had not vested and were subject to repurchase as of June 30, 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 June 30, 2018 and December 31, 2017, the Company included cash received from the early exercise of unvested options of $3.5 million and $0.9 million, in its other current and long-term liabilities, respectively 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.