In June 2020, the Company’s board of directors adopted the 2020 Stock Option and Incentive Plan (the “2020 Plan”) and reserved 2.93 million shares of common stock for issuance under this plan. The 2020 Plan includes automatic annual increases. The increase on January 1, 2021 was 2.08 million shares. As of June 30, 2021, 1.64 million shares remain available for future grant.

The 2020 Plan authorizes the board of directors or a committee of the board to grant incentive stock options, nonqualified stock options and restricted stock awards to eligible officers, employees, consultants and directors of the Company. Options generally vest over a period of four years and have a contractual life of ten years from the date of grant.

Stock-based compensation expense for the six months ended June 30, 2021 and 2020 was classified in the condensed consolidated statement of operations as follows:


	Six Months Ended June 30,
	2021		2020
	(000’s)

Research and development	$	298	$	112
General and administrative		1,558		318
Total	$	1,856	$	430

As of June 30, 2021, remaining unrecognized compensation cost related to options and restricted stock awards to be recognized in future periods totaled $9.0 million

Prior to the adoption of the 2020 Plan, the Company issued restricted stock. A summary of the Company’s restricted stock activity during the six months ended June 30, 2021 is as follows:


	Shares			Fair Value
Weighted Average Fair Value	(000’s)			Per Share
Unvested, December 31, 2020		896		$	1.78
Granted		—		$	—
Vested		(180	)	$	1.87
Forfeited or canceled		(59	)	$	1.60
Unvested, June 30, 2021		657		$	1.78

As of June 30, 2021, stock compensation expense for restricted stock is expected to be recognized over a weighted average period of 2.1 years.

The following table summarizes the stock option activity for the 2020 Plan:


				Weighted		Weighted
	Number of			Average		Average
	Unvested			Exercise		Remaining
	Options			Price		Contractual
	(000’s)			Per Share		Life (in years)
Outstanding at December 31, 2020		2,159		$	5.00		9.1
Granted		1,424		$	5.36		9.7
Exercise		—		$	5.00		—
Forfeited/cancelled		(211	)	$	5.00		—
Outstanding at June 30, 2021		3,372		$	5.15		9.2
Vested at June 30, 2021		1,123		$	5.00		8.7

For the six months ended June 30, 2021, the weighted average grant date fair value for options granted was $3.95. The aggregate intrinsic value for options outstanding as of June 30, 2021 was $3 thousand. There was no aggregate intrinsic value for vested options as of June 30, 2021. As of June 30, 2021, stock option expense for options is expected to be recognized over a weighted average period of 3.0 years.

There were no stock options granted for the six months ended June 30, 2020. The weighted average assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the six months ended June 30, 2021 were as follows: