Molecular Templates, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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,
	2023		2022		2023		2022
Research and development	$	353	$	1,381	$	2,411	$	4,753
General and administrative		895		1,260		2,931		4,552
Total stock-based compensation	$	1,248	$	2,641	$	5,342	$	9,305

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,
	2023			2022			2023			2022
Employee Stock Options:
Risk-free interest rate		4.29	%		3.25	%		4.03	%		2.33	%
Expected term (in years)		6.08			6.08			6.08			6.08
Dividend yield		—			—			—			—
Volatility		78.85	%		83.32	%		77.65	%		88.70	%
Weighted-average fair value of stock options granted	$	5.82		$	7.95		$	5.23		$	24.90

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	523,411	$	153.11	6.72	$	14.25
Granted	194,679	$	33.09
Exercised	(3,106)	$	10.65
Cancelled	(152,106)	$	141.63
Balances, December 31, 2022	562,878	$	115.50	7.09	$	—
Granted	213,168	$	7.46
Exercised	(192)	$	7.20
Cancelled	(241,027)	$	82.61
Balances, September 30, 2023	534,827	$	87.30	6.61	$	—

Vested and expected to vest, September 30, 2023	534,827	$	87.30	6.61	$	—
Exercisable at September 30, 2023	327,184	$	118.84	5.05	$	—