Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.22.2.2
Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Research and development

 

$

1,381

 

 

$

2,377

 

 

 

$

4,753

 

 

$

6,791

 

General and administrative

 

 

1,260

 

 

 

1,866

 

 

 

 

4,552

 

 

 

6,031

 

Total stock-based compensation

 

$

2,641

 

 

$

4,243

 

 

 

$

9,305

 

 

$

12,822

 

 

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,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

3.25

%

 

 

1.17

%

 

 

 

2.33

%

 

 

0.92

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

 

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

 

83.32

%

 

 

114.06

%

 

 

 

88.70

%

 

 

113.23

%

Weighted-average fair value of stock options granted

 

$

0.53

 

 

$

5.62

 

 

 

$

1.66

 

 

$

11.00

 

 

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

 

 

2,890,789

 

 

$

2.22

 

 

 

 

 

 

 

 

 

Exercised

 

 

(46,598

)

 

$

0.71

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(2,105,531

)

 

$

9.58

 

 

 

 

 

 

 

 

 

Balances, September 30, 2022

 

 

8,593,133

 

 

$

7.73

 

 

 

7.53

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest, September 30, 2022

 

 

8,593,133

 

 

$

7.73

 

 

 

7.53

 

 

$

0.01

 

Exercisable at September 30, 2022

 

 

4,605,401

 

 

$

8.90

 

 

 

6.35

 

 

$