Annual report pursuant to Section 13 and 15(d)

Stock-Based Payments (Tables)

v3.22.4
Stock-Based Payments (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Status of Stock Options

A summary of the status of stock options as of December 31, 2022 and December 31, 2021 and changes during the year ended December 31, 2022 is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

Intrinsic

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Value

 

 

 

Shares

 

 

Exercise Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at December 31, 2021

 

 

665,727

 

 

$

82.70

 

 

7.2

 

 

$

4,936

 

Granted

 

 

1,259,836

 

 

 

24.46

 

 

 

 

 

 

 

Exercised

 

 

(3,770

)

 

 

0.40

 

 

 

 

 

 

 

Cancelled

 

 

(194,556

)

 

 

83.41

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

1,727,237

 

 

$

39.94

 

 

 

5.7

 

 

$

 

Exercisable at December 31, 2022

 

 

1,057,758

 

 

$

51.94

 

 

 

3.3

 

 

$

 

Summary of Status of Restricted Stock Units

A summary of the status of restricted stock units as of December 31, 2021 and December 31, 2022 and changes during the year ended December 31, 2022 is presented below:

 

 

 

Shares

 

 

 

 

 

 

Subject to

 

 

 

 

 

 

Restricted Stock

 

 

 

 

 

 

Units and

 

 

Weighted

 

 

 

Restricted Stock

 

 

Average Grant

 

 

 

Awards

 

 

Date Fair Value

 

Outstanding at December 31, 2021

 

 

268,749

 

 

$

65.21

 

Granted

 

 

1,109,595

 

 

 

8.98

 

Vested

 

 

(86,119

)

 

 

72.26

 

Forfeited

 

 

(87,804

)

 

 

44.76

 

Outstanding at December 31, 2022

 

 

1,204,421

 

 

$

14.68

 

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

 

2022

 

 

 

2021

 

 

 

2020

 

 

Weighted-average risk-free interest rate

 

 

3.56

 

%

 

 

0.99

 

%

 

 

1.28

 

%

Expected dividend yield

 

 

 

%

 

 

 

%

 

 

 

%

Expected option term (in years)

 

 

5.80

 

 

 

 

6.03

 

 

 

 

5.99

 

 

Volatility

 

 

83.32

 

%

 

 

81.56

 

%

 

 

78.27

 

%

Summary of Stock-based Compensation Expense for Stock Options and Restricted Stock Units

The following table summarizes the stock-based compensation expense for stock options, restricted stock units and restricted common stock granted to employees and non-employees and from the 2016 ESPP recorded in the Company’s statements of operations:

 

 

 

Year Ended December 31,

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Research and development

 

$

5,946

 

 

$

5,706

 

 

$

4,732

 

 

General and administrative

 

 

5,464

 

 

 

4,648

 

 

 

6,207

 

 

Total stock-based compensation expense

 

$

11,410

 

 

$

10,354

 

 

$

10,939