As of September 30, 2023, there were 200,000,000 shares of common stock authorized, 81,190,772 shares issued, and 78,424,699 shares outstanding. As of December 31, 2022, there were 200,000,000 shares of common stock authorized, 78,350,984 shares issued, and 75,584,911 shares outstanding. The par value for the common stock is $0.001 per share.

As of September 30, 2023 and December 31, 2022, there were 5,000,000 shares of preferred stock authorized, and no shares were issued or outstanding. The par value for the preferred stock is $0.001 per share.

The Company’s stock-based compensation generally includes stock options, restricted stock units (“RSUs”), performance-vesting restricted stock units (“PRSUs”), and purchases under the Company’s 2019 Employee Stock Purchase Plan. Stock-based compensation expense related to RSUs is based on the market value of the underlying stock on the date of grant and the related expense is recognized ratably over the requisite service period. The stock-based compensation expense related to PRSUs is estimated at the grant date based on the expectation that performance goals will be achieved at the stated target level. The amount of compensation cost recognized depends on the relative satisfaction of the performance condition based on performance to date.

The Company’s 2019 Stock Incentive Plan, became effective on April 11, 2019. The 2019 Stock Incentive Plan, as amended and restated, allows the Company to grant incentive stock options and restricted stock units to its employees and directors to participate in the Company’s future performance through stock-based awards at the discretion of the board of directors. The number of shares authorized for issuance as of September 30, 2023 was 40,067,744 shares in the aggregate. Options to acquire common stock granted thereunder have ten-year terms. As of September 30, 2023, approximately 1.7 million shares of common stock remained available for issuance (taking into account all option exercises and other equity award settlements through September 30, 2023). At the Company’s annual meeting on October 5, 2023, the stockholders of the Company approved an amendment to increase the number of shares available for issuance thereunder by 2,300,000 shares.

As of September 30, 2023, there were 1,000,000 shares authorized and reserved for issuance under the 2019 Employee Stock Purchase Plan. As of September 30, 2023, approximately 0.1 million shares of common stock remain available for issuance under the Employee Stock Purchase Plan (taking into account all share purchases through September 30, 2023). At the Company’s annual meeting on October 5, 2023, the stockholders of the Company approved an amendment of the Employee Stock Purchase Plan to increase the number of shares available for issuance thereunder by 1,000,000 shares.

There are 6,159,009 shares of common stock authorized and reserved for issuance under the Inducement Plan. On February 9, 2022, the Company’s board of directors amended the plan and authorized 2,790,961 new shares for issuance. As of September 30, 2023, approximately 1.1 million shares of common stock remained available for issuance under the Inducement Plan (taking into account all option exercises and other equity award settlements through September 30, 2023).


				Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	Number of Options Outstanding	Weighted Average Exercise Price
	(In thousands)	(Per share)		(In years)	(In thousands)
Balance outstanding as of December 31, 2022	4,459	$	24.25	6.08	$	1,327
Granted	18	11.37
Exercised	(48)	3.18
Cancelled or expired	(1,174)	28.15
Balance outstanding as of September 30, 2023	3,255	22.67		5.41	92
Options vested and expected to vest	501	27.68		8.14	40
Options exercisable as of September 30, 2023	2,578	$	21.54	4.61	$	51

The total fair value of stock options exercised during the nine months ended September 30, 2023 was approximately $2.3 million. As of September 30, 2023, there was approximately $6.9 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of approximately 2.0 years.

There were no stock options granted during the three months ended September 30, 2023. The per share weighted average fair value of stock options granted was $7.35 during the three months ended September 30, 2022. The per share weighted average fair value of stock options granted was $6.54 and $11.16 during the nine months ended September 30, 2023 and 2022, respectively. The fair value of each option grant is estimated on the date of grant, adjusted for estimated forfeitures, using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Dividend yield	N/A	0.00%	0.00%	0.00%
Risk-free interest rate	N/A	2.82% - 3.05%	3.60%	1.62% - 3.38%
Expected life (in years)	N/A	5	5	5
Historical volatility	N/A	59.74% - 61.22%	65.17%	53.87% - 61.22%

•Risk-free interest rate – The Company uses the market yield on U.S. Treasury securities at five years with constant maturity, representing the current expected life of stock options in years.


	Restricted Stock Unit Activity
	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Fair Value
	(In thousands)	(Per share)		(In thousands)
Balances outstanding as of December 31, 2022	5,235	$	25.42	$	53,080
Awarded	2,619	5.21
Vested	(1,590)	20.80
Forfeited	(1,692)	25.39
Non-vested and outstanding as of September 30, 2023	4,572	$	15.28
Expected to vest	3,129	$	15.35	$	12,173

RSUs granted to employees generally vest over a three to four-year period or upon achievement of certain performance conditions. As of September 30, 2023, total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested RSUs and PRSUs was approximately $55.1 million and the weighted-average remaining vesting period was 2.0 years.

There was no accrued liability for cash awards for the three and the nine months ended September 30, 2023, or for the three months ended September 30, 2022. For the nine months ended September 30, 2022, the Company accrued approximately $11.9 million in cash awards to be settled in shares of the Company’s stock and recorded a corresponding expense, which is included as a component of stock-based compensation expense in the accompanying condensed consolidated statements of operations.

Stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and cash flows was $11.3 million and $31.9 million for the three months ended September 30, 2023 and 2022, respectively, and $4.5 million and $100.3 million for the nine months ended September 30, 2023 and 2022, respectively.