Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity under Stock Option Plan and Related Information

The following table summarizes activity under the Company’s stock option plan 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

 

 

578,000

 

 

$

22.50

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(4,000

)

 

$

0.90

 

 

 

 

 

 

$

78

 

Options cancelled

 

 

 

 

$

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2019

 

 

2,755,466

 

 

$

7.73

 

 

 

8.6

 

 

$

30,395

 

Vested and exercisable at March 31, 2019

 

 

1,104,476

 

 

$

2.93

 

 

 

7.8

 

 

$

16,468

 

 

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

 

 

 

Number of Shares

 

Nonvested—December 31, 2018

 

 

20,908

 

Vested

 

 

(15,681

)

Nonvested—March 31, 2019

 

 

5,227

 

 

Stock-Based Compensation Recognized

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

 

 

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

2018

 

 

Research and development

 

$

447

 

 

$

59

 

 

General and administrative

 

 

454

 

 

 

67

 

 

Total stock-based compensation expense

 

$

901

 

 

$

126

 

 

 

Unrecognized Stock-based Compensation Cost and Estimated Weighted Average Amortization Period

As of March 31, 2019, the unrecognized stock-based compensation cost and the estimated weighted average amortization period, using the straight-line attribution method, was as follows (dollars in thousands):

 

 

 

Unrecognized

Compensation Cost

 

 

Weighted Average

Remaining

Amortization

Period (Years)

 

Employee options

 

$

12,243

 

 

 

2.9

 

Nonemployee options

 

 

2

 

 

 

0.2

 

Total unrecognized stock-based compensation expense

 

$

12,245

 

 

 

 

 

 

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

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

 

 

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

2018

 

 

Expected term (years)

 

 

5.9

 

 

 

6.0

 

 

Expected volatility

 

79.9 - 81.9%

 

 

 

82.0

%

 

Risk-free interest rate

 

2.4 - 2.6%

 

 

 

2.6

%

 

Expected dividend yield