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Stockholders' Equity and Stock-Based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stockholders' Equity and Stock-Based Compensation Stockholders’ Equity and Stock-Based Compensation
Sale of Common Stock
Underwritten Public Offerings
In March 2020, we completed an underwritten public offering of 9,798,000 shares of our common stock at an offering price of $23.50 per share, including 1,278,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. Net proceeds realized from the offering amounted to approximately $221.7 million, after deducting commissions and other offering costs.
At-the-Market Offerings
We are party to an at-the-market sales agreement (ATM Sales Agreement) with Cantor Fitzgerald & Co. (Cantor), pursuant to which Cantor has agreed to act as sales agent in connection with the issuance and sale of up to $200.0 million in gross aggregate proceeds of our common stock from time to time pursuant to the ATM Sales Agreement and our automatic “shelf” registration statement on Form S-3 registering the offering filed on June 12, 2020. In August and September 2020, we sold 202,503 shares of common stock and realized net proceeds of approximately $4.9 million, after deducting commissions and other offering costs, pursuant to the ATM Sales Agreement. As of September 30, 2020, approximately $195.0 million remains available under the ATM Sales Agreement.
Equity Incentive Plans
We have issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 12, Stock-Based Compensation to the consolidated financial statements in our 2019 Form 10-K. In June 2020, our shareholders approved an amendment and restatement of our 2010 Employee Stock Purchase Plan (the Restated ESPP). Effective May 29, 2020, the plan was amended to increase the aggregate number of shares authorized for issuance from 375,000 to 875,000 shares and to eliminate the annual evergreen feature, which automatically added 31,250 shares to the aggregate shares authorized for issuance on January 1 of each year under the plan. In addition, the expiration date of the Restated ESPP was modified from October 2020 to the date that all shares authorized have been issued. As of September 30, 2020, there were 524,962 shares of common stock available for future purchases under the Restated ESPP.
Stock Options
The following is a summary of stock option activity for the nine months ended September 30, 2019 (in thousands, except per share data):
Shares
Weighted-
Average
Exercise
Price per Share
Outstanding at December 31, 20194,253 $29.59 
Granted
1,396 28.83 
Exercised
(239)16.64 
Canceled
(230)39.02 
Outstanding at September 30, 20205,180 $29.57 
Restricted Stock Units
The following is a summary of restricted stock unit activity for the nine months ended September 30, 2019 (in thousands, except per share data):
Shares
Weighted- Average Fair Value per Share at Grant Date
Outstanding at December 31, 2019439 $36.97 
Granted
218 27.34 
Vested
(220)26.39 
Canceled
(42)38.79 
Outstanding at September 30, 2020395 $37.61 
In June 2020, approximately 128,000 shares of performance-based restricted stock units (PSU’s) granted in March 2017 vested upon satisfaction of both a service-period condition and a performance condition, the latter of which was satisfied following the FDA’s approval of Fintepla in June 2020. As of September 30, 2020, all outstanding restricted stock units were subject to time-based vesting.
Stock-Based Compensation Expense Allocation
The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Research and development$2,865 $2,012 $9,082 $5,521 
Selling, general and administrative4,276 3,423 12,756 9,495 
Compensation expense related to acquired IPR&D— 4,927 — 4,927 
Total$7,141 $10,362 $21,838 $19,943 
Stock-based compensation expense for the nine months ended September 30, 2020 included $1.4 million of compensation expense related to the vesting of PSUs.