Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [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 at December 31, 2020

 

 

4,489,122

 

 

$

6.14

 

 

 

7.8

 

 

$

7,134

 

Options granted

 

 

2,743,500

 

 

$

5.45

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(14,325

)

 

$

3.32

 

 

 

 

 

 

$

41

 

Options cancelled/forfeited

 

 

(68,457

)

 

$

3.76

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2021

 

 

7,149,840

 

 

$

5.90

 

 

 

8.4

 

 

$

10,661

 

Vested and exercisable at March 31, 2021

 

 

2,667,188

 

 

$

5.74

 

 

 

7.0

 

 

$

6,199

 

 

Stock-Based Compensation Expense Recognized

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

 

 

 

Three Months Ended March 31,

 

 

 

 

2021

 

 

2020

 

 

Research and development

 

$

782

 

 

$

464

 

 

General and administrative

 

 

1,146

 

 

 

709

 

 

Total stock-based compensation expense

 

$

1,928

 

 

$

1,173

 

 

 

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 March 31,

 

 

 

2021

 

2020

 

Expected term (years)

 

6.0

 

5.0 - 5.9

 

Expected volatility

 

88.0 - 88.1

%

83.8 - 87.1

%

Risk-free interest rate

 

0.5 - 0.9

%

0.7 - 1.6

%

Expected dividend yield