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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans (in thousands, except share data and price per share):

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2021

 

 

1,422,195

 

 

$

5.28

 

 

$

 

Options granted

 

 

326,108

 

 

 

0.91

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(31,366

)

 

 

3.13

 

 

 

 

Options expired

 

 

(7,385

)

 

 

15.07

 

 

 

 

Outstanding — Balance at March 31, 2022

 

 

1,709,552

 

 

$

4.44

 

 

$

161,253

 

Vested and expected to vest — March 31, 2022

 

 

1,518,077

 

 

$

4.77

 

 

$

118,914

 

Exercisable — March 31, 2022

 

 

777,274

 

 

$

7.24

 

 

$

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Expected term (years)

 

 

6.08

 

 

 

6.03

 

Expected volatility

 

 

120

%

 

 

121

%

Risk-free interest rate

 

 

1.68

%

 

 

0.62

%

Dividend yield