Annual report pursuant to Section 13 and 15(d)

Equity Incentive Plans and Stock Based Compensation (Tables)

v3.20.4
Equity Incentive Plans and Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity Under Equity Incentive Plan

The following table summarizes information about stock option activity for years ended December 31, 2020 and 2019:

 

 

Outstanding Options

Number of Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining

Contractual Term

 

 

Aggregate Intrinsic

Value (in millions):

 

Balances, December 31, 2018

 

 

4,002,999

 

 

$

10.43

 

 

 

6.40

 

 

$

1.50

 

Granted

 

 

2,023,600

 

 

$

6.00

 

 

 

 

 

 

 

 

 

Exercised

 

 

(286,479

)

 

$

6.10

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(977,058

)

 

$

22.39

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest, December 31, 2020

 

 

6,697,927

 

 

$

9.13

 

 

 

7.76

 

 

$

13.79

 

Exercisable at December 31, 2020

 

 

2,845,501

 

 

$

6.66

 

 

 

6.68

 

 

$

8.85

 

 

 

Stock Options Outstanding and Exercisable by Exercise Price

At December 31, 2020, stock options outstanding and exercisable by exercise price were as follows:

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of

Exercise

Prices

 

Number

Outstanding

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

 

Weighted

Average

Exercise

Price

 

 

Number

Exercisable

 

 

Weighted

Average

Exercise

Price

 

$

0.71-4.28

 

 

402,543

 

 

 

3.32

 

 

$

1.22

 

 

 

399,639

 

 

$

1.20

 

$

4.66-4.66

 

 

920,356

 

 

 

7.79

 

 

$

4.66

 

 

 

408,708

 

 

$

4.66

 

$

4.74-5.81

 

 

335,019

 

 

 

7.84

 

 

$

5.07

 

 

 

158,293

 

 

$

5.10

 

$

6.31-6.31

 

 

1,189,849

 

 

 

7.25

 

 

$

6.31

 

 

 

790,675

 

 

$

6.31

 

$

6.54-8.95

 

 

698,912

 

 

 

8.04

 

 

$

7.91

 

 

 

359,276

 

 

$

7.91

 

$

9.28-10.78

 

 

733,969

 

 

 

6.67

 

 

$

9.74

 

 

 

598,957

 

 

$

9.71

 

$

10.92-13.99

 

 

676,300

 

 

 

9.14

 

 

$

12.64

 

 

 

46,076

 

 

$

13.16

 

$

14.50-14.50

 

 

1,322,971

 

 

 

8.87

 

 

$

14.50

 

 

 

75,469

 

 

$

14.50

 

$

14.94-61.27

 

 

416,190

 

 

 

9.12

 

 

$

15.94

 

 

 

6,590

 

 

$

42.74

 

$

70.29-70.29

 

 

1,818

 

 

 

1.37

 

 

$

70.29

 

 

 

1,818

 

 

$

70.29

 

$

0.71-70.29

 

 

6,697,927

 

 

 

7.76

 

 

$

9.13

 

 

 

2,845,501

 

 

$

6.66

 

 

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):

 

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

Research and development

 

$

6,387

 

 

$

2,398

 

General and administrative

 

 

5,430

 

 

 

3,461

 

Total stock-based compensation

 

$

11,817

 

 

$

5,859

 

Weighted-Average Fair Value Valuation Assumptions

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

 

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

1.44

%

 

 

2.37

%

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

Dividend yield

 

 

 

 

 

 

Volatility

 

 

110.90

%

 

 

108.70

%

Weighted-average fair value of stock options granted

 

$

11.75

 

 

$

5.00