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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

The following table summarizes the stock option activity during the nine months ended September 30, 2020:

	Shares Subject to Options		Weighted- Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2019		1,821,093	$	5.64
Granted		653,368	$	3.95
Exercised		-	$	-
Forfeitures and cancellations		-	$	-
Options outstanding at September 30, 2020		2,474,461	$	3.47		8.69	$	6,149
Options exercisable at September 30, 2020		873,873	$	3.48		8.30	$	2,577

(a)

Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2020 of $5.77 and the price of the underlying options.

(b)

The weighted-average exercise price per share of the options outstanding and exercisable as of September 30, 2020 includes the impact of the repricing of 1,475,093 options on April 22, 2020 at $2.45 per share.

Summary of Non-cash Stock-based Compensation Expense

The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	449	$	315	$	1,351	$	880
General and administrative		398		318		1,633		780
Total	$	847	$	633	$	2,984	$	1,660

Summary of Reserved Shares of Common Stock for Future Issuance

Common stock reserved for future issuance at September 30, 2020 is as follows:

	September 30,		December 31,
	2020		2019
Stock options issued and outstanding		2,474,461		1,821,093
Warrants for common stock		80,428		80,428
Awards available under the 2018 Equity Incentive Plan		1,031,387		813,473
Employee stock purchase plan		638,087		503,716
Total		4,224,363		3,218,710