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Stock-Based Compensation Expense
6 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense

10. Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock-based compensation

 

$

2,568

 

 

$

2,209

 

 

$

3,672

 

 

$

4,152

 

 

During the three months ended June 30, 2019, the Company issued 533,361 restricted units to the Company’s board of directors which vest immediately. The grant date fair value of the restricted stock units was $0.7 million with a weighted average grant date fair value per share of $1.32. These restricted stock units will not be delivered to the Company’s board of directors until separation of services.

During the three months ended June 30, 2019, the Company granted certain employees stock options to purchase an aggregate of 4,985,363 shares of common stock at a weighted average exercise price of $1.32 per share. The options vest over a four year period. The total grant date fair value of these awards is $6.6 million as determined using a Black-Scholes option pricing model.

During the six months ended June 30, 2019, the Company granted certain employees stock options to purchase an aggregate of 5,333,303 shares of common stock at a weighted average exercise price of $1.33 per share. The options vest over a four year period. The grant date fair value of these awards is $6.1 million with a weighted average grant date fair value of $1.15 per share, as determined using a Black-Scholes option pricing model.

In the Condensed Statements of Stockholders’ Deficit and the Condensed Consolidated Statements of Cash Flows, the prior quarter’s stock-based compensation expense is inclusive of expenses associated with restricted stock unit awards in order to conform to the current quarter presentation.

As of June 30, 2019, there were $2.2 million and $12.5 million of unrecognized compensation expense related to restricted stock units and options, respectively, which vest over the vesting period except for certain options that are subject to performance conditions. The Company evaluates performance conditions as the probability that the performance conditions will be met and uses that information to estimate the date at which those performance conditions will be met in order to properly recognize stock-based compensation expense over the requisite service period.