| Stock-Based Compensation |
6. Stock-Based Compensation Shares of common stock available for issuance under the Company's equity incentive plans at June 30, 2025 were as follows:
|
|
|
|
|
|
|
June 30, 2025 |
|
Outstanding stock awards |
|
|
20,037,642 |
|
Reserved for future award grants |
|
|
3,862,747 |
|
Reserved for future ESPP |
|
|
296,960 |
|
Total |
|
|
24,197,349 |
|
Stock Options Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding at December 31, 2024 |
|
|
19,873,073 |
|
|
$ |
36.06 |
|
|
|
6.88 |
|
|
$ |
51,018 |
|
Granted |
|
|
489,500 |
|
|
$ |
4.00 |
|
|
|
|
|
|
|
Exercised |
|
|
(36,747 |
) |
|
$ |
4.41 |
|
|
|
|
|
|
|
Forfeited or canceled |
|
|
(406,076 |
) |
|
$ |
17.37 |
|
|
|
|
|
|
|
Outstanding at June 30, 2025 |
|
|
19,919,750 |
|
|
$ |
35.72 |
|
|
|
6.45 |
|
|
$ |
5,774 |
|
Restricted Shares Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan is summarized as follows:
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|
|
|
|
|
|
|
|
|
|
Number of
Restricted
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
Unvested at December 31, 2024 |
|
|
121,660 |
|
|
$ |
16.08 |
|
Granted |
|
|
31,200 |
|
|
$ |
3.84 |
|
Vested |
|
|
(29,593 |
) |
|
$ |
37.17 |
|
Canceled |
|
|
(5,375 |
) |
|
$ |
22.84 |
|
Unvested at June 30, 2025 |
|
|
117,892 |
|
|
$ |
7.24 |
|
Stock-Based Compensation Expense Stock-based compensation is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Research and development |
|
$ |
7,714 |
|
|
$ |
8,938 |
|
|
$ |
15,572 |
|
|
$ |
17,641 |
|
General and administrative |
|
|
7,927 |
|
|
|
9,437 |
|
|
|
15,960 |
|
|
|
19,143 |
|
Total stock-based compensation |
|
$ |
15,641 |
|
|
$ |
18,375 |
|
|
$ |
31,532 |
|
|
$ |
36,784 |
|
|