Equity Incentive Plans

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

2013 Equity Incentive Plan

A total of 9,600,000 shares of common stock have been reserved for issuance under the La Jolla Pharmaceutical Company 2013 Equity Incentive Plan (the “2013 Equity Plan”). As of March 31, 2020, 4,534,427 shares of common stock remained available for future grants under the 2013 Equity Plan.

2018 Employee Stock Purchase Plan

A total of 750,000 shares of common stock have been reserved for issuance under the La Jolla Pharmaceutical Company 2018 Employee Stock Purchase Plan (the “ESPP”). As of March 31, 2020, 531,721 shares of common stock remained available for future grants under the ESPP.

Equity Awards

The activity related to equity awards, which are comprised of stock options and inducement grants, during the three months ended March 31, 2020 is summarized as follows:



	Equity Awards		Weighted- average Exercise Price per Share		Weighted- average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2019	5,616,840		$	19.5
Granted	675,007		$	5.35
Exercised	(44,258	)	$	6.89
Cancelled/forfeited	(1,395,352	)	$	21.17
Outstanding at March 31, 2020	4,852,237		$	17.17	6.49 years	$	34,649
Exercisable at March 31, 2020	2,838,302		$	21.19	4.78 years	$	—

Share-based Compensation Expense

The classification of share-based compensation expense is summarized as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Research and development	$	1,563	$	3,899
Selling, general and administrative	844		2,812
Total share-based compensation expense	$	2,407	$	6,711

As of March 31, 2020, total unrecognized share-based compensation expense related to unvested equity awards was $17.3 million, which is expected to be recognized over a weighted-average period of 2.3 years. As of March 31, 2020, there was no unrecognized share-based compensation expense related to shares of common stock issued under the ESPP.