Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.22.1
Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
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

March 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

1,962

 

 

$

2,268

 

General and administrative

 

 

1,720

 

 

 

1,798

 

Total stock-based compensation

 

$

3,682

 

 

$

4,066

 

 
Weighted-Average Fair Value Valuation Assumptions

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

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

2.02

%

 

 

0.87

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

90.41

%

 

 

113.12

%

Weighted-average fair value of stock options granted

 

$

2.07

 

 

$

11.62

 

 

 
Summary of 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, 2020

 

 

6,697,927

 

 

$

9.13

 

 

 

7.76

 

 

$

13.79

 

Granted

 

 

2,683,818

 

 

$

12.84

 

 

 

 

 

 

 

 

 

Exercised

 

 

(320,716

)

 

$

5.05

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(1,206,556

)

 

$

11.46

 

 

 

 

 

 

 

 

 

Balances, December 31, 2021

 

 

7,854,473

 

 

$

10.21

 

 

 

6.72

 

 

$

0.95

 

Granted

 

 

2,106,553

 

 

$

2.76

 

 

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(356,123

)

 

$

9.75

 

 

 

 

 

 

 

 

 

Balances, March 31, 2022

 

 

9,604,903

 

 

$

8.59

 

 

 

7.30

 

 

$

2.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest, March 31, 2022

 

 

9,604,903

 

 

$

8.59

 

 

 

6.93

 

 

$

2.19

 

Exercisable at March 31, 2022

 

 

4,709,331

 

 

$

8.94

 

 

 

5.93

 

 

$

0.81