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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of aggregate stock option and award activity

Aggregate stock option and award activity for the 2011 Plan, 2018 Plan, 2006 Directors Plan, Inducement Plan and Directors Market Plan is as follows:

					Outstanding Stock Options
											Weighted Average		Aggregate
	Shares								Weighted Average		Remaining		Intrinsic
	Available				Number of				Exercise Price		Contractual Life		Value
	For Grant				Shares				Per Share		(In years)		(In thousands)
Balance at December 31, 2020		7,257,747				43,663,691			$	2.12
Additional shares authorized		18,300,000				—			$	—
Stock options granted		(9,562,106	)			9,562,106			$	1.81
Awards granted		(20,783	)			—			$	—
Stock options exercised		—				(451,853	)		$	1.23
Stock options cancelled/forfeited/expired		2,788,535				(2,821,535	)		$	2.31
Balance at December 31, 2021		18,763,393		⁽¹⁾		49,952,409		⁽²⁾	$	2.06		6.09	$	890
Stock options exercisable at December 31, 2021						30,459,136			$	2.35		4.82	$	547
Stock options fully vested and expected to vest at December 31, 2021						49,085,603			$	2.06		6.06	$	878

(1)	In February 2022, our Compensation Committee approved an amendment to increase the reserve for the Inducement Plan from 15,100,000 to 16,100,000 shares of common stock.

(2)	Includes 6,050,000 performance-based stock options granted previously that have not achieved certain strategic milestones.

Summary of allocation of stock-based compensation expense related to share-based payment awards

We recognize stock‑based compensation expense for service-based stock options on a straight‑line basis over the requisite service period, which is generally the vesting period. We have not recognized any stock-based compensation expense for performance-based stock options on our statements of operations for the years ended December 31, 2021, 2020 and 2019, as the achievement of the specified strategic milestones was not considered probable during that time. The following table summarizes the stock‑based compensation expense related to

service-based stock options and employee stock purchases for the years ended December 31, 2021, 2020 and 2019 which was allocated as follows:

	Year Ended December 31,
(In thousands)	2021		2020		2019
Research and development	$	3,597	$	2,337	$	1,640
General and administrative		4,483		4,558		4,439
Stock-based compensation expense included in operating expenses	$	8,080	$	6,895	$	6,079

Schedule of assumptions used to estimate the fair value of stock options granted

The fair value of stock options granted in 2021, 2020, and 2019 has been estimated at the date of grant using the Black Scholes option‑pricing model with the following assumptions:

	Year Ended December 31,
	2021	2020	2019
Dividend yield	0%	0%	0%
Expected volatility range	0.775 to 0.783	0.781 to 0.793	0.792 to 0.980
Risk-free interest rate range	0.51% to 1.30%	0.31% to 1.62%	1.50% to 2.56%
Expected term range	5.5 yrs	5.25 yrs	5.25 - 6.44 yrs

Schedule of assumptions used to estimate the fair value of employee stock purchases under the purchase plan

The fair value of employee stock purchases in 2021, 2020, and 2019 has been estimated using the Black Scholes option‑pricing model with the following assumptions:

	Year Ended December 31,
	2021	2020	2019
Dividend yield	0%	0%	0%
Expected volatility range	0.507 to 0.707	0.478 to 0.818	0.646 to 1.653
Risk-free interest rate range	0.09% to 0.16%	0.16% to 1.57%	1.94% to 2.63%
Expected term range	6 - 12 mos	6 - 12 mos	6 - 12 mos

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance as of December 31, 2021 is as follows:

Outstanding stock options			49,952,409
Stock options and awards available for grant			18,763,393
Employee stock purchase plan			468,303
Warrants outstanding			64,108,705
Total			133,292,810