Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.20.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
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, 2018

 

 

2,181,466

 

 

$

3.80

 

 

 

8.5

 

 

$

43,189

 

Options granted

 

 

1,248,871

 

 

$

13.36

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(67,000

)

 

$

0.90

 

 

 

 

 

 

$

292

 

Options cancelled

 

 

(256,271

)

 

$

10.04

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

3,107,066

 

 

$

7.19

 

 

 

8.2

 

 

$

3,151

 

Vested and exercisable at December 31, 2019

 

 

1,478,773

 

 

$

4.59

 

 

 

7.4

 

 

$

2,322

 

 

Summarizes of Activity of Nonvested Restricted Stock The following summarizes the vesting activity of restricted stock:

 

 

 

Number of Shares

 

Nonvested—December 31, 2018

 

 

20,908

 

Vested

 

 

(20,908

)

Nonvested—December 31, 2019

 

 

-

 

 

Stock-Based Compensation Expense Recognized

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

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Research and development

 

$

1,777

 

 

$

842

 

 

$

93

 

General and administrative

 

 

2,230

 

 

 

1,151

 

 

 

110

 

Total stock-based compensation expense

 

$

4,007

 

 

$

1,993

 

 

$

203

 

 

Fair Value of Employee Stock Options Granted and ESPP Rights to Purchase Common Stock Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions

The fair value of the employee stock options granted and the ESPP rights to purchase common stock of the Company is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Options

 

 

ESPP Rights

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Expected term (years)

 

5.8 - 5.9

 

 

5.5 - 6.1

 

 

 

6.1

 

 

 

0.5

 

 

 

0.5

 

 

 

 

Expected volatility

 

78.7 - 83.7%

 

 

82.0 - 83.2%

 

 

 

89.8

%

 

73.7 - 109.9%

 

 

 

74.3

%

 

 

 

Risk-free interest rate

 

1.5 - 2.6%

 

 

2.6 - 3.1%

 

 

 

2.0

%

 

1.6 - 2.4%

 

 

 

2.5

%

 

 

 

Expected dividend yield