Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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

 

 

3,192,000

 

 

$

5.49

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(24,543

)

 

$

3.24

 

 

 

 

 

 

$

66

 

Options cancelled/forfeited

 

 

(344,717

)

 

$

6.21

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2021

 

 

7,311,862

 

 

$

5.86

 

 

 

7.9

 

 

$

7,395

 

Vested and exercisable at June 30, 2021

 

 

3,175,152

 

 

$

5.79

 

 

 

6.5

 

 

$

5,617

 

 

Stock-Based Compensation Expense Recognized

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

808

 

 

$

518

 

 

$

1,590

 

 

$

982

 

General and administrative

 

 

1,129

 

 

 

701

 

 

 

2,275

 

 

 

1,410

 

Total stock-based compensation expense

 

$

1,937

 

 

$

1,219

 

 

$

3,865

 

 

$

2,392

 

 

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 June 30,

 

Six Months Ended June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Expected term (years)

 

5.5 - 6.1

 

5.5 - 6.0

 

5.5 - 6.1

 

5.0 - 6.0

 

Expected volatility

 

87.1 - 87.7

%

88.1 - 90.8

%

87.1 - 88.1

%

83.8 - 90.8

%

Risk-free interest rate

 

1.0 - 1.1

%

0.4 - 0.5

%

0.5 - 1.1

%

0.4 - 1.6

%

Expected dividend yield