Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.21.2
Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Research and development

 

$

2,377

 

 

$

1,774

 

 

 

$

6,791

 

 

$

4,636

 

General and administrative

 

 

1,866

 

 

 

1,511

 

 

 

 

6,031

 

 

 

3,891

 

Total stock-based compensation

 

$

4,243

 

 

$

3,285

 

 

 

$

12,822

 

 

$

8,527

 

 

Weighted-Average Fair Value Valuation Assumptions

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

 

 

 

Three Months Ended

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

1.17

%

 

 

0.49

%

 

 

 

0.92

%

 

 

1.47

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

 

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

 

114.06

%

 

 

112.02

%

 

 

 

113.23

%

 

 

110.81

%

Weighted-average fair value of stock options granted

 

$

5.62

 

 

$

9.29

 

 

 

$

11.00

 

 

$

11.89

 

 

Stock Option Activity Under Equity Incentive Plan

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

 

 

 

Outstanding Options

Number of Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining

Contractual Term

 

 

Aggregate Intrinsic

Value (in millions):

 

Balances, December 31, 2019

 

 

4,763,062

 

 

$

6.36

 

 

 

8.10

 

 

$

36.63

 

Granted

 

 

2,453,506

 

 

$

14.06

 

 

 

 

 

 

 

 

 

Exercised

 

 

(261,260

)

 

$

3.99

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(257,381

)

 

$

9.99

 

 

 

 

 

 

 

 

 

Balances, December 31, 2020

 

 

6,697,927

 

 

$

9.13

 

 

 

7.76

 

 

$

13.79

 

Granted

 

 

2,613,418

 

 

$

13.07

 

 

 

 

 

 

 

 

 

Exercised

 

 

(313,634

)

 

$

5.05

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(696,531

)

 

$

12.10

 

 

 

 

 

 

 

 

 

Balances, September 30, 2021

 

 

8,301,180

 

 

$

10.28

 

 

 

6.93

 

 

$

4.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest, September 30, 2021

 

 

8,301,180

 

 

$

10.28

 

 

 

6.93

 

 

$

4.41

 

Exercisable at September 30, 2021

 

 

4,150,372

 

 

$

8.60

 

 

 

5.81

 

 

$

3.55