Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

v3.23.2
Stock-Based Payments (Tables)
6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and changes during the six months ended June 30, 2023 is presented below:

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

Intrinsic

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Value

 

 

 

Shares

 

 

Exercise Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at December 31, 2022

 

 

1,727,237

 

 

$

39.94

 

 

 

5.7

 

 

$

 

Granted

 

 

54,000

 

 

 

3.70

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(33,880

)

 

 

 

 

 

 

 

 

Outstanding at June 30, 2023

 

 

1,747,357

 

 

$

38.26

 

 

 

5.4

 

 

$

 

Exercisable at June 30, 2023

 

 

1,125,353

 

 

$

49.74

 

 

 

3.4

 

 

$

 

Summary of Status of Restricted Stock Units

A summary of the status of restricted stock units and restricted stock awards as of December 31, 2022 and June 30, 2023 and changes during the six months ended June 30, 2023 is presented below:

 

 

Shares

 

 

 

 

 

 

Subject to

 

 

 

 

 

 

Restricted Stock

 

 

 

 

 

 

Units and

 

 

Weighted

 

 

 

Restricted Stock

 

 

Average Grant

 

 

 

Awards

 

 

Date Fair Value

 

Outstanding at December 31, 2022

 

 

1,204,421

 

 

$

14.68

 

Granted

 

 

1,354,236

 

 

 

4.00

 

Vested

 

 

(72,327

)

 

 

33.26

 

Forfeited

 

 

(116,748

)

 

 

17.17

 

Outstanding at June 30, 2023

 

 

2,369,582

 

 

$

7.80

 

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

The fair value of each stock option granted during the three and six months ended June 30, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Weighted-average risk-free interest rate

 

 

3.93

 

 

 

 

2.95

 

 

 

 

3.93

 

 

 

 

2.12

 

 

Expected dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected option term (in years)

 

 

5.32

 

 

 

 

5.32

 

 

 

 

5.32

 

 

 

 

5.97

 

 

Volatility

 

 

84.44

%

 

 

 

83.60

%

 

 

 

84.44

%

 

 

 

81.11

%

 

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 condensed consolidated statements of operations:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Research and development

 

$

1,384

 

 

$

1,433

 

 

$

2,650

 

 

$

2,828

 

 

General and administrative

 

 

1,430

 

 

 

1,256

 

 

 

2,809

 

 

 

2,724

 

 

Total stock-based compensation expense

 

$

2,814

 

 

$

2,689

 

 

$

5,459

 

 

$

5,552