Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense has been reported in the Company’s condensed statements of operations for the three and six months ended June 30, 2020 and 2019 as follows (in thousands):


	Three Months Ended June 30,									Six Months Ended June 30,
			2020			2019			2020			2019
General and administrative	$	402		$	205		$	742		$	397
Research and development	173			65			304			111
Total stock-based compensation	$	575		$	270		$	1,046		$	508

As of June 30, 2020, the total unrecognized compensation expense related to unvested employee and non-employee stock option awards was $6.0 million, which is expected to be recognized in expense over a weighted-average period of approximately 2.9 years.

In October 2018, the Company's board of directors and stockholders approved the 2018 Employee Stock Purchase Plan (the "ESPP"). The ESPP became effective on October 17, 2018, and is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code.

Under the ESPP, eligible employees are granted rights to purchase shares of common stock, which are funded through payroll deductions that cannot exceed 15% of each employee’s compensation. The ESPP generally provides for a 24-month offering period, which includes four six-month purchase periods. At the end of each purchase period, eligible employees are permitted to purchase shares of common stock at 85% of the lower of fair market value at the beginning of the offering period or fair market value at the end of the purchase period. The ESPP is considered a compensatory plan, and the Company recorded stock-based compensation expense of $21,000 for the three and six months ended June 30, 2020. As of June 30, 2020, no shares of common stock had been issued under the ESPP.

As of June 30, 2020, the total unrecognized compensation expense related to the ESPP was $0.4 million, which is expected to be recognized over a weighted-average period of approximately 1.4 years.