v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Activity under Stock Option Plans and Related Information

The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts):

 

 

 

Number of
Options
Outstanding

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding as of December 31, 2021

 

 

6,945,184

 

 

$

5.95

 

 

 

7.9

 

 

$

77,363

 

Options granted

 

 

2,855,735

 

 

$

13.11

 

 

 

 

 

 

 

Options exercised

 

 

(155,834

)

 

$

3.82

 

 

 

 

 

$

1,309

 

Options cancelled/forfeited

 

 

(92,131

)

 

$

6.99

 

 

 

 

 

 

 

Outstanding as of September 30, 2022

 

 

9,552,954

 

 

$

8.12

 

 

 

7.8

 

 

$

25,319

 

Vested and exercisable as of September 30, 2022

 

 

4,642,749

 

 

$

6.60

 

 

 

6.8

 

 

$

17,236

 

Summary of RSU Activity

 

 

Number of RSUs Outstanding

 

 

Weighted Average Grant-Date Fair Price

 

Outstanding as of December 31, 2021

 

 

 

 

 

 

RSUs granted

 

 

439,615

 

 

$

9.81

 

RSUs vested

 

 

 

 

$

 

RSUs forfeited

 

 

(1,200

)

 

$

14.55

 

Outstanding as of September 30, 2022

 

 

438,415

 

 

$

9.79

 

 

Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized by function was as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,836

 

 

$

689

 

 

$

4,754

 

 

$

2,279

 

General and administrative

 

 

1,951

 

 

 

1,189

 

 

 

5,435

 

 

 

3,464

 

Total stock-based compensation expense

 

$

3,787

 

 

$

1,878

 

 

$

10,189

 

 

$

5,743

 

Fair Value of Employee Stock Options Granted is Calculated Using Black Scholes Option Pricing Model with Range of Assumptions

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model with the following range of assumptions:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

Expected term (years)

 

6.0

 

5.9

 

5.3 - 6.0

 

5.5 - 6.1

 

Expected volatility

 

88.1 - 88.5

%

86.2 - 86.5

%

84.3 - 88.5

%

86.2 - 88.1

%

Risk-free interest rate

 

3.0 - 3.7

%

0.9

%

1.6 - 3.7

%

0.5 - 1.1

%

Expected dividend yield