| Stock-Based Compensation |
8. Stock-Based Compensation
Equity Incentive Plans
The Company’s 2020 Equity Incentive Plan (the 2020 Plan) serves as the successor to the Company’s 2012 Equity Incentive Plan (together with the 2020 Plan, the Stock Plans) and provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units (RSUs), performance awards and stock bonus awards to employees, directors, consultants, independent contractors and advisors of the Company.
Option activity under the Stock Plans is set forth below:
|
|
|
Number of
options
outstanding |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
contractual
life
(in years) |
|
|
Aggregate
intrinsic
value(1)
(in thousands) |
|
|
Balances as of November 30, 2021 |
|
|
5,878,552 |
|
|
$ |
19.42 |
|
|
|
8.67 |
|
|
$ |
65,692 |
|
|
Options granted |
|
|
3,000,206 |
|
|
|
18.28 |
|
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
(315,172 |
) |
|
|
3.27 |
|
|
|
|
|
|
|
|
|
|
Options forfeited |
|
|
(448,385 |
) |
|
|
20.27 |
|
|
|
|
|
|
|
|
|
|
Balances as of August 31, 2022 |
|
|
8,115,201 |
|
|
$ |
19.58 |
|
|
|
8.65 |
|
|
$ |
20,921 |
|
|
Options vested and expected to vest as of August 31, 2022(2) |
|
|
8,142,625 |
|
|
$ |
19.54 |
|
|
|
8.65 |
|
|
$ |
21,159 |
|
|
Options exercisable as of August 31, 2022 |
|
|
3,195,076 |
|
|
$ |
14.79 |
|
|
|
7.72 |
|
|
$ |
19,159 |
|
|
(1) |
The aggregate intrinsic values were calculated as the pre-tax difference between the exercise price of stock options and the quoted market price of the Company’s common stock on August 31, 2022 for all in-the-money stock options. |
|
(2) |
Certain stock options granted by the Company prior to the date of IPO are exercisable at the date of grant, with unvested shares subject to repurchase by the Company in the event of a voluntary or involuntary termination of employment of the stockholder. Such exercises are recorded as a liability in the condensed consolidated balance sheets and reclassified into equity as the options vest. As of August 31, 2022, a total of 27,424 shares of common stock were subject to repurchase by the Company at the lower of (i) the fair market value of such shares on the date of repurchase, or (ii) the original exercise price of such shares. The corresponding exercise value of $0.2 million as of August 31, 2022 is recorded in share-based compensation liability. |
RSU activity under the Stock Plans is set forth below:
|
|
|
Number of RSUs |
|
|
Weighted-average grant date fair value |
|
|
Balances as of November 30, 2021 |
|
|
20,000 |
|
|
$ |
27.42 |
|
|
RSUs granted |
|
|
797,282 |
|
|
|
19.56 |
|
|
RSUs vested |
|
|
(31,934 |
) |
|
|
20.73 |
|
|
RSUs forfeited |
|
|
(31,830 |
) |
|
|
23.11 |
|
|
Balances as of August 31, 2022 |
|
|
753,518 |
|
|
$ |
19.57 |
|
Employee Stock Purchase Plan
Under the Company’s 2020 Employee Stock Purchase Plan (the ESPP), eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. During the nine months ended August 31, 2022, the Company issued 136,304 shares pursuant to the ESPP at a weighted-average price of $14.34 per share.
Stock-Based Compensation
Stock-based compensation expense related to the Stock Plans and the ESPP that is included in the Company’s condensed consolidated statements of operations is as follows (in thousands):
|
|
|
Three Months Ended, |
|
|
Nine Months Ended, |
|
|
|
|
August 31, |
|
|
August 31, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Research and development |
|
$ |
4,229 |
|
|
$ |
2,212 |
|
|
$ |
11,766 |
|
|
$ |
5,450 |
|
|
General and administrative |
|
|
2,759 |
|
|
|
2,101 |
|
|
|
8,068 |
|
|
|
5,507 |
|
|
Total stock-based compensation |
|
$ |
6,988 |
|
|
$ |
4,313 |
|
|
$ |
19,834 |
|
|
$ |
10,957 |
|
As of August 31, 2022, the total compensation cost related to stock-based awards not yet recognized was $85.9 million, which is expected to be amortized on a straight-line basis over the weighted-average remaining vesting period of approximately 2.9 years.
|