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Stock-based Compensation
6 Months Ended
Jun. 30, 2021
Stock-based Compensation  
Stock-based Compensation

5. Stock-based Compensation

The following table summarizes total stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 (in thousands). The general and administrative expense during the three and six months ended June 30, 2021 and 2020 relate to the applicable portion vesting during this period of stock option awards made in the past to directors and employees.

For the three months ended

For the six months ended

June 30, 2021

June 30, 2021

    

2021

    

2020

    

2021

    

2020

Research and development

$

2,553

$

8

$

6,242

$

(15)

General and administrative

 

998

 

27

 

7,127

 

414

Total stock-based compensation expense

$

3,551

$

35

$

13,369

$

399

The total unrecognized compensation cost was approximately $4.4 million as of June 30, 2021 and will be recognized over the next 1.8 years.

Stock Options

The following table summarizes stock option activity for the Company’s option plans during the six months ended June 30, 2021 (amount in thousands, except per share number):

    

    

    

Weighted

    

Average

Weighted

Remaining

Number of

Average Exercise

Contractual Life

Total Intrinsic

Shares

Price

(in years)

Value

Outstanding as of January 1, 2021

 

308,840

$

0.33

8.9

$

372,219

Granted

910

0.92

9.1

Cash exercised

 

(183)

 

0.25

 

Cashless exercise

(3,788)

0.25

Forfeited/expired

 

 

 

Outstanding as of June 30, 2021

 

305,779

$

0.33

8.5

$

349,032

Options vested (1)

 

272,701

$

0.32

8.5

$

313,455

(1)Approximately 245.2 million options are not exercisable until at least August 31, 2021.

Ms. Linda Powers, the Company’s Chief Executive Officer, and Mr. Leslie Goldman, the Company’s Senior Vice President, are subject to an agreement under which they cannot exercise any options or warrants except upon at least 61 days’ prior notice.