Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.20.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2020
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, 2019

 

 

3,107,066

 

 

$

7.19

 

 

 

8.2

 

 

$

3,151

 

Options granted

 

 

1,436,376

 

 

$

3.80

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(19,020

)

 

$

0.90

 

 

 

 

 

 

$

74

 

Options cancelled

 

 

(64,500

)

 

$

7.71

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2020

 

 

4,459,922

 

 

$

6.12

 

 

 

8.0

 

 

$

6,087

 

Vested and exercisable at September 30, 2020

 

 

2,179,338

 

 

$

5.44

 

 

 

7.2

 

 

$

3,879

 

 

Stock-Based Compensation Expense Recognized

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Research and development

 

$

556

 

 

$

484

 

 

$

1,538

 

 

$

1,401

 

General and administrative

 

 

715

 

 

 

606

 

 

 

2,125

 

 

 

1,599

 

Total stock-based compensation expense

 

$

1,271

 

 

$

1,090

 

 

$

3,663

 

 

$

3,000

 

 

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 September 30,

 

Nine Months Ended September 30,

 

 

 

2020

 

2019

 

2020

 

2019

 

Expected term (years)

 

6.0

 

5.9

 

5.0 - 6.0

 

5.9

 

Expected volatility

 

90.8 - 91.9

%

80.6 - 81.0

%

83.8 - 91.9

%

78.7 - 81.9

%

Risk-free interest rate

 

0.4

%

1.5 - 1.9

%

0.4 - 1.6

%

1.5 - 2.6

%

Expected dividend yield