Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.23.1
Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
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,

 

 

 

2023

 

 

2022

 

Research and development

 

$

1,233

 

 

$

1,962

 

General and administrative

 

 

1,077

 

 

 

1,720

 

Total stock-based compensation

 

$

2,310

 

 

$

3,682

 

 
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,

 

 

 

2023

 

 

2022

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

3.94

%

 

 

2.02

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

77.17

%

 

 

90.41

%

Weighted-average fair value of stock options granted

 

$

0.34

 

 

$

2.07

 

 
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, 2021

 

 

7,854,473

 

 

$

10.21

 

 

 

6.72

 

 

$

0.95

 

Granted

 

 

2,920,189

 

 

$

2.21

 

 

 

 

 

 

 

 

 

Exercised

 

 

(46,598

)

 

$

0.71

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(2,281,601

)

 

$

9.44

 

 

 

 

 

 

 

 

 

Balances, December 31, 2022

 

 

8,446,463

 

 

$

7.70

 

 

 

7.09

 

 

$

—

 

Granted

 

 

2,280,162

 

 

$

0.48

 

 

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(522,531

)

 

$

5.66

 

 

 

 

 

 

 

 

 

Balances, March 31, 2023

 

 

10,204,094

 

 

$

6.19

 

 

 

6.98

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest, March 31, 2023

 

 

10,204,094

 

 

$

6.19

 

 

 

6.98

 

 

$

—

 

Exercisable at March 31, 2023

 

 

5,285,428

 

 

$

8.69

 

 

 

5.64

 

 

$

—