General and administrative:
General and administrative expenses include personnel related salary and benefit expenses, cost of facilities, insurance, travel, legal services, property and equipment and amortization of stock options and warrants.
Three Months Ended June 30, 2021 and 2020
We recognized a net income of $4.4 million and a net loss of $58.1 million for the three months ended June 30, 2021 and 2020, respectively.
Research and Development Expense
For the three months ended June 30, 2021 and 2020, research and development expense was $5.5 million and $3.2 million, respectively. The increase was mainly related to an increase of $2.5 million stock-based compensation that represented the vesting of a portion of previously granted equity-based awards, and that was recognized in research and development expense.
We incurred approximately $1.8 million and $1.3 million in expenses from related parties during the three months ended June 30, 2021 and 2020, respectively.
General and Administrative Expense
General and administrative expenses were $7.4 million and $4.3 million for three months ended June 30, 2021 and 2020, respectively. The increase was mainly related to an increase of $1.0 million stock-based compensation that represented the vesting of a portion of previously granted equity-based awards, and that was recognized in general and administrative expense. The remaining $2.1 million increase related to consulting expenses.
Change in fair value of derivatives
During the three months ended June 30, 2021 and 2020, we recognized a non-cash gain of $17.5 million and a non-cash loss of $49.1 million, respectively. The gain was primarily due to the decrease of our stock price as of June 30, 2021 ($1.47 per share) compared to March 31, 2021 ($1.49 per share), and the loss was primarily due to the increase of our stock price as of June 30, 2020 ($0.34 per share) compared to March 31, 2020 ($0.16 per share).
Interest Expense
During the three months ended June 30, 2021 and 2020, we recorded interest expense of $0.8 million and $1.1 million, respectively.
Six Months Ended June 30, 2021 and 2020
We recognized a net income of $0.3 million and a net loss of $55.4 million for the six months ended June 30, 2021 and 2020, respectively.
Research and Development Expense
For the six months ended June 30, 2021 and 2020, research and development expense was $12.4 million and $7.1 million, respectively. The increase was mainly related to an increase of $6.3 million stock-based compensation that represented the vesting of a portion of previously granted equity-based awards, and that was recognized in research and development expense.
We incurred approximately $3.5 million and $2.8 million in expenses from related parties during the six months ended June 30, 2021 and 2020, respectively.