The Company maintains four equity compensation plans; the Orchard Therapeutics Limited Employee Share Option Plan with Non-Employee Sub-Plan and U.S. Sub-Plan (the “2016 Plan”), the Orchard Therapeutics plc 2018 Share Option and Incentive Plan (the “2018 Plan”), the 2018 Employee Share Purchase Plan (the “ESPP”), and the 2020 Inducement Equity Plan (the “Inducement Plan”). The board of directors has determined not to make any further awards under the 2016 plan following the Company’s IPO. As of June 30, 2022, 4,576,090 shares remained available for issuance under the 2018 Plan, 721,500 shares remained available for issuance under the Inducement Plan, and 823,497 shares remained available for issuance under the ESPP.

The following table summarizes option activity under the plans for the six months ended June 30, 2022:


	Number of Options			Weighted Average Exercise Price
Outstanding at December 31, 2021		17,300,740		$	6.57
Granted		3,165,732			0.56
Exercised		(397,534	)		0.00
Forfeited		(2,845,240	)		7.13
Outstanding at June 30, 2022		17,223,698		$	5.52
Vested and expected to vest as of June 30, 2022		17,223,698		$	5.52
Exercisable June 30, 2022		8,268,318		$	6.84

The weighted-average grant date fair value of share options granted during the six months ended June 30, 2022 was $0.32 per share.

In April 2020, the Company granted 195,000 performance-based restricted share units restricted share units (“RSUs”) with a total grant date fair value of $1.4 million to its Chief Executive Officer, Bobby Gaspar, M.D., Ph.D. The award vests on January 2, 2024 as to 1/3 of the award for each of the first three to occur of four milestones, if each such milestone is achieved by the Company on or before December 31, 2023 and Dr. Gaspar remains continuously employed with the Company through January 2, 2024. The milestones relate to achievement of specific clinical and regulatory milestones. No performance-based share unit performance conditions associated with this award were deemed probable and none vested during the three and six months ended June 30, 2022.

Time-based restricted share units generally vest in equal annual installments over a three-year period.

The following table summarizes award activity for the six months ended June 30, 2022:


	Performance-based RSUs		Time-based RSUs			Total RSUs			Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021		195,000		123,333			318,333		$	6.41
Granted		—		2,112,842			2,112,842			0.46
Vested		—		(6,667	)		(6,667	)		(5.98	)
Forfeited		—		(71,800	)		(71,800	)		0.46
Unvested and outstanding at June 30, 2022		195,000		2,157,708			2,352,708		$	0.67

Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,744	$	2,135	$	3,706	$	5,011
General and administrative		2,212		3,406		4,910		6,798
	$	3,956	$	5,541	$	8,616	$	11,809

As of June 30, 2022, total unrecognized compensation cost related to unvested share options and time-based RSUs was approximately $24.3 million. This amount is expected to be recognized over a weighted average period of approximately 2.6 years. As of June 30, 2022, the total unrecognized compensation cost related to performance-based RSUs is a maximum of $1.4 million, dependent upon achievement of the aforementioned milestones.