|6 Months Ended
Jun. 30, 2021
|Share-based Payment Arrangement [Abstract]
The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of the Company. The expected term was contractual life of option. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees and non-employees during the six months ended June 30, 2021. During the six months ended June 30, 2021 the company granted stock options with an estimated fair value of approximately $ million.
Of the options granted during the six months ended June 30, 2021, were to non-executive members of the board of directors. Of the options outstanding as of June 30, 2021, were awarded to non-executive members of the board of directors.
Unrecognized stock-based compensation as of June 30, 2021, is as follows (in thousands):