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 March 31, 2021, 1.78 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 three months ended March 31, 2021 and 2020 was classified in the condensed consolidated statement of operations as follows:

	Three Months Ended March 31,
	2021		2020
	(000’s)
Research and development	$	139	$	81
General and administrative		809		166
Total	$	948	$	247

Prior to the adoption of the 2020 Plan, the Company issued restricted stock. A summary of the Company’s restricted stock activity during the three months ended March 31, 2021 is as follows:

	Shares			Fair Value
Weighted Average Fair Value	(000’s)			Per Share
Unvested, December 31, 2020		896		$	2.46
Granted		—		$	—
Vested		(93	)	$	1.88
Forfeited or canceled		(36	)	$	1.39
Unvested, March 31, 2021		767		$	1.79

As of March 31, 2021, remaining unrecognized compensation cost related to unvested restricted stock awards to be recognized in future periods totaled $1.4 million, which is expected to be recognized over a weighted average period of 2.3 years.

				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		$	—		9.7
Granted		1,100		$	5.00		9.9
Exercise		—		$	—
Forfeited/cancelled		(21	)	$	5.00
Outstanding at March 31, 2021		3,238		$	5.00		9.6
Vested at March 31, 2021		1,020		$	5.00		9.4

For the three months ended March 31, 2021, the weighted average grant date fair value for options granted was $3.58. There was no aggregate intrinsic value for options vested and outstanding as of and for the three months ended March 31, 2021. As of March 31, 2021, the unrecognized compensation cost related to outstanding options was $7.5 million, and is expected to be recognized over a weighted average period of approximately 3.0 years.

There were no stock options granted for the three months ended Mach 31, 2020. The assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the three months ended March 31, 2021 were as follows: