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Equity Incentive Plans
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020, 5,462,486 and 5,478,334 shares of common stock, respectively, 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, 2021 and December 31, 2020, 369,902 and 455,768 shares of common stock, respectively, remained available for future grants under the ESPP.

Equity Awards

The activity related to equity awards, which are comprised of stock options, during the nine months ended September 30, 2021 is summarized as follows:

 

 

Equity

Awards

 

 

Weighted-

average

Exercise Price

per Share

 

 

Weighted-

average

Remaining

Contractual

Term(1)

(years)

 

 

Aggregate

Intrinsic

Value(2)

(millions)

 

Outstanding at December 31, 2020

 

 

4,121,666

 

 

$

8.67

 

 

 

 

 

 

 

 

 

Granted

 

 

876,991

 

 

$

4.66

 

 

 

 

 

 

 

 

 

Exercised

 

 

(29,677

)

 

$

5.21

 

 

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(831,466

)

 

$

10.00

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2021

 

 

4,137,514

 

 

$

7.56

 

 

 

8.3

 

 

$

0.1

 

Exercisable at September 30, 2021

 

 

1,191,395

 

 

$

14.61

 

 

 

6.3

 

 

$

-

 

(1) Represents the weighted-average remaining contractual term of stock options.

(2) Aggregate intrinsic value represents the product of the number of equity awards outstanding or equity awards exercisable multiplied by the difference between the Company’s closing stock price per share on the last trading day of the period, which was $3.99 as of September 30, 2021, and the exercise price.

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Selling, general and administrative

 

$

894

 

 

$

697

 

 

$

2,711

 

 

$

2,167

 

Research and development

 

 

281

 

 

 

691

 

 

 

604

 

 

 

3,218

 

Total share-based compensation expense

 

$

1,175

 

 

$

1,388

 

 

$

3,315

 

 

$

5,385

 

 

As of September 30, 2021, total unrecognized share-based compensation expense related to unvested equity awards was $8.2 million, which is expected to be recognized over a weighted-average period of 3.0 years. As of September 30, 2021, there was no unrecognized share-based compensation expense related to shares of common stock issued under the ESPP.