XML 40 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Combined Stock Option Activity under 2009 and 2018 Plan

The following table summarizes the combined stock option activity under the 2009 and the 2018 Plan for the nine months ended September 30, 2021:

 

 

 

Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2020

 

 

1,512,129

 

 

$

3.84

 

 

 

7.77

 

 

$

1,174

 

Granted

 

 

1,883,480

 

 

 

6.13

 

 

 

-

 

 

 

-

 

Exercised

 

 

(61,594

)

 

 

4.95

 

 

 

-

 

 

 

-

 

Cancelled or forfeited

 

 

(169,066

)

 

 

4.50

 

 

 

-

 

 

 

-

 

Outstanding at September 30, 2021

 

 

3,164,949

 

 

$

5.15

 

 

 

8.60

 

 

$

14,053

 

Exercisable at September 30, 2021

 

 

1,024,453

 

 

$

3.85

 

 

 

6.75

 

 

$

5,849

 

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options issued for the three and nine months ended September 30, 2021 and 2020 was measured with the following weighted-average assumptions:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Weighted average risk-free interest rate

 

 

1.00

%

 

 

0.33

%

 

 

1.06

%

 

 

0.58

%

Expected term (years)

 

 

6.06

 

 

 

5.67

 

 

 

6.02

 

 

 

6.03

 

Expected volatility

 

 

73.36

%

 

 

73.71

%

 

 

74.21

%

 

 

74.16

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

157

 

 

$

47

 

 

$

263

 

 

$

153

 

General and administrative

 

 

397

 

 

 

144

 

 

 

747

 

 

 

404

 

Total

 

$

554

 

 

$

191

 

 

$

1,010

 

 

$

557