Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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
June 30,

Six Months Ended
June 30,

 

    

2023

    

2022

    

2023

    

2022

Research and development

$

826

$

1,410

$

2,059

$

3,372

General and administrative

958

1,572

2,035

3,292

Total stock-based compensation

$

1,784

$

2,982

$

4,094

$

6,664

Weighted-Average Fair Value Valuation Assumptions

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

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

    

2023

    

2022

    

2023

    

2022

Employee Stock Options:

Risk-free interest rate

3.49

%  

2.98

%  

3.93

%  

2.10

%

Expected term (in years)

6.08

6.08

6.08

6.08

Dividend yield

Volatility

78.45

%  

86.38

%  

77.19

%  

90.05

%

Weighted-average fair value of stock options granted

$

0.27

$

0.72

$

0.33

$

1.95

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

2,315,162

$

0.48

Exercised

$

Cancelled

(2,334,270)

$

4.84

Balances, June 30, 2023

8,427,355

$

6.51

6.52

$

Vested and expected to vest, June 30, 2023

8,427,355

$

6.51

6.48

$

Exercisable at June 30, 2023

5,320,062

$

8.25

5.12

$