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Equity Incentive Plans
 9 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Equity Incentive Plans

8.  Equity Incentive Plans

2013 Equity Incentive Plan

A total of 9,600,000 shares of common stock have been reserved for issuance under the La Jolla Pharmaceutical Company 2013 Equity Incentive Plan (the “2013 Equity Plan”). As of September 30, 2020, 6,061,242 shares of common stock remained available for future grants under the 2013 Equity Plan.

2018 Employee Stock Purchase Plan

A total of 750,000 shares of common stock have been reserved for issuance under the La Jolla Pharmaceutical Company 2018 Employee Stock Purchase Plan (the “ESPP”). As of September 30, 2020, 480,368 shares of common stock remained available for future grants under the ESPP.

Equity Awards

The activity related to equity awards, which are comprised of stock options and inducement grants, during the nine months ended September 30, 2020 is summarized as follows:

 

 

 

Equity

Awards

 

 

Weighted-average

Exercise Price

per Share

 

 

Weighted-average

Remaining Contractual

Term (years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at December 31, 2019

 

 

5,616,840

 

 

$

19.50

 

 

 

 

 

 

 

 

 

Granted

 

 

1,802,860

 

 

$

4.70

 

 

 

 

 

 

 

 

 

Exercised

 

 

(94,219

)

 

$

6.42

 

 

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(4,000,059

)

 

$

18.74

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2020

 

 

3,325,422

 

 

$

12.77

 

 

 

7.43

 

 

$

-

 

Exercisable at September 30, 2020

 

 

1,466,036

 

 

$

20.53

 

 

 

5.52

 

 

$

-

 

 

Share-based Compensation Expense

The classification of share-based compensation expense is summarized as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Research and development

 

$

691

 

 

$

4,169

 

 

$

3,218

 

 

$

12,062

 

Selling, general and administrative

 

 

697

 

 

 

2,250

 

 

 

2,167

 

 

 

7,460

 

Total share-based compensation expense

 

$

1,388

 

 

$

6,419

 

 

$

5,385

 

 

$

19,522

 

 

As of September 30, 2020, total unrecognized share-based compensation expense related to unvested equity awards was $8.0 million, which is expected to be recognized over a weighted-average period of 2.6 years. As of September 30, 2020, there was no unrecognized share-based compensation expense related to shares of common stock issued under the ESPP.