Stock Incentive Plans

6 Months Ended

Jun. 30, 2021

Stock Incentive Plans

Stock Incentive Plans

9.    Stock Incentive Plans

A summary of the Company’s stock option activity and related information follows:

				Weighted
				Average
		Weighted-		Remaining	Aggregate
		Average Exercise		Contractual	Intrinsic Value
	Shares	Price		Term (years)	(in thousands)
Outstanding at December 31, 2020	1,367,667	$	11.38	8.13	$	—
Granted	6,447,000	$	2.74
Assumed in Quellis Acquisition	332,494	$	0.29
Cancelled or forfeited	(208,152)	$	8.71
Expired	(8,675)	$	16.70
Outstanding at June 30, 2021	7,930,334	$	3.96	9.44	$	662
Vested and exercisable at June 30, 2021	770,141	$	14.07	7.31	$	207

There were no options exercised in the three or six months ended June 30, 2021 and 2020. The total grant date fair value of options vested for the three months ended June 30, 2021 and 2020 was $0.4 million and $0.3 million, respectively. The total grant date fair value of options vested for the six months ended June 30, 2021 and 2020 was $1.0 million and $0.8 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended June 30, 2021 and 2020

was $1.73 and $4.00, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the six months ended June 30, 2021 and 2020 was $1.73 and $3.64, respectively.

At June 30, 2021, the total unrecognized compensation expense related to unvested stock option awards was $12.7 million. The Company expects to recognize that cost over a weighted-average period of approximately 3.3 years.