Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.20.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense

Stock-based compensation expense, which consists of the compensation cost for employee stock options and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands):  

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Research and development

 

$

1,703

 

 

$

583

 

 

$

2,849

 

 

$

1,035

 

General and administrative

 

 

1,347

 

 

 

859

 

 

 

2,393

 

 

 

1,768

 

Total stock-based compensation

 

$

3,050

 

 

$

1,442

 

 

$

5,242

 

 

$

2,803

 

Weighted-Average Fair Value Valuation Assumptions

The fair value of employee stock options was estimated using the following weighted-average assumptions:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

0.55

%

 

 

2.31

%

 

 

1.58

%

 

 

2.55

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

 

111.61

%

 

 

108.89

%

 

 

110.67

%

 

 

108.87

%

Weighted-average fair value of stock options granted

 

$

12.41

 

 

$

6.65

 

 

$

12.19

 

 

$

4.28

 

Stock Option Activity Under Equity Incentive Plan

The following table summarizes stock option activity under the Company’s equity incentive plans:

 

Options

 

Number of

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value (in millions)

 

Outstanding at December 31, 2019

 

 

4,763,062

 

 

$

6.36

 

 

 

8.1

 

 

$

36.6

 

Granted

 

 

2,129,506

 

 

$

14.58

 

 

 

 

 

 

 

 

 

Exercised

 

 

(189,719

)

 

$

3.59

 

 

 

 

 

 

 

 

 

Forfeitures

 

 

(73,359

)

 

$

11.14

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2020

 

 

6,629,490

 

 

$

9.03

 

 

 

8.4

 

 

$

33.6

 

Exercisable at June 30, 2020

 

 

2,306,319

 

 

$

6.36

 

 

 

7.2

 

 

$

17.4