Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

8. Share-Based Compensation

In 2020, the Company’s stockholders approved the Amended and Restated 2018 Equity Incentive Plan (the “Amended 2018 Plan”), which provides for the granting of up to 6,500,000 additional share-based awards, such as stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. In December 2019, the Company adopted the 2019 Inducement Award Plan (the “2019 Inducement Plan”) for the grant of equity awards of up to 1,000,000 shares of common stock to newly hired employees.

Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of September 30, 2022, and changes during the nine-month period then ended, are summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Life

Outstanding at December 31, 2021		5,451,398		$	21.09		6.1 years
Options granted 2022		604,701		$	—
Options exercised 2022		(1,097,488	)	$	—
Options canceled or expired 2022		(32,494	)	$	—

Outstanding at September 30, 2022		4,926,117		$	26.12		6.0 years

Vested and expected to vest at September 30, 2022		4,926,117		$	26.12

Exercisable at September 30, 2022		3,738,302		$	20.24		5.2 years

The fair value of the time based RSUs is based on the closing price of the Company’s common stock on the date of grant. Information regarding the time based RSU activity and changes during the nine-month period ended September 30, 2022 is summarized as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Contractual Life
Outstanding at December 31, 2021		1,529,652		$	26.95		1.5 years
Time based RSUs granted in 2022		590,863		$	—
Time based RSUs vested in 2022		(763,574	)	$	—
Time based RSUs cancelled in 2022		(56,244	)	$	—

Outstanding at September 30, 2022		1,300,697		$	42.75		1.1 years

The Company recognized

non-cash

share-based compensation expense related to time based RSUs for the nine months ended September 30, 2022 and 2021 of approximately $16.6 million and $12.3 million, respectively. As of September 30, 2022, there was approximately $41.4 million of unrecognized compensation costs estimated related to unvested time based RSUs.