Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of status of stock options and changes during the period

A summary of the status of stock options as of December 31, 2019 and March 31, 2020 and changes during the three months ended March 31, 2020 is presented below:

								Aggregate
				Weighted		Remaining		Intrinsic
				Average		Contractual		Value
	Shares			Exercise Price		Life (in years)		(in thousands)
Outstanding at December 31, 2019		4,618,421		$	9.16	7.5		$	2,525
Granted		978,950			7.53
Exercised		(30,595	)		3.26
Cancelled		(62,599	)		12.15
Outstanding at March 31, 2020		5,504,177		$	8.87		7.7	$	1,664
Exercisable at March 31, 2020		2,732,282		$	9.23		6.7	$	1,637

Summary of status of restricted stock units and changes during the period

A summary of the status of restricted stock units as of December 31, 2019 and March 31, 2020 and changes during the three months ended March 31, 2020 is presented below:

				Weighted
				Average Grant
	Shares			Date Fair Value
Outstanding at December 31, 2019		1,116,358		$	6.75
Granted		615,500			7.53
Vested		(90,512	)		6.71
Forfeited		—			—
Outstanding at March 31, 2020		1,641,346		$	7.04

Schedule of weighted-average assumptions used in Black-Scholes option-pricing model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

	Three Months Ended March 31,
	2020			2019
Weighted-average risk-free interest rate		1.48	%		2.54	%
Expected dividend yield		—	%		—	%
Expected option term (in years)		6.08			6.08
Volatility		77.93	%		91.68	%

Summary of stock-based compensation expense for stock options granted to employee and non-employees

The following table summarizes the stock-based compensation expense for stock options and restricted stock units granted to employees and non-employees recorded in the Company’s condensed consolidated statements of operations:

	Three Months Ended March 31,
	2020		2019
Research and development	$	1,049	$	697
General and administrative		1,410		1,182
Total stock-based compensation expense	$	2,459	$	1,879