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Stock-based Compensation
9 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation

9. Stock-based Compensation

In January 2022, the Board of Directors authorized an additional 1,713,246 shares to be issued under the 2015 Equity Incentive Plan (the 2015 Plan). As of September 30, 2022, the total number of shares of common stock authorized for issuance under the 2015 Plan and the 2014 Stock Plan (the 2014 Plan) was 15,625,200, of which 2,691,957 remained available for future grants under the 2015 Plan.

Stock-based Compensation Expense

The Company’s stock-based compensation expense by award type was as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Stock options

 

$

8,663

 

 

$

8,920

 

 

$

26,755

 

 

$

27,010

 

Restricted stock units

 

 

1,458

 

 

 

698

 

 

 

3,970

 

 

 

2,093

 

Employee stock purchase plan

 

 

124

 

 

 

116

 

 

 

655

 

 

 

543

 

 

 

$

10,245

 

 

$

9,734

 

 

$

31,380

 

 

$

29,646

 

 

As of September 30, 2022, the Company had $72.9 million of unrecognized stock-based compensation expense related to stock options, restricted stock units and the 2015 Employee Stock Purchase Plan (the 2015 ESPP), which is expected to be recognized over a weighted-average period of 2.4 years.

The Company recorded aggregate stock-based compensation expense in the consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

5,351

 

 

$

4,868

 

 

$

16,426

 

 

$

14,999

 

General and administrative

 

 

4,894

 

 

 

4,866

 

 

 

14,954

 

 

 

14,647

 

 

 

$

10,245

 

 

$

9,734

 

 

$

31,380

 

 

$

29,646

 

 

Stock Options

The following table summarizes stock option activity under the 2014 Plan and 2015 Plan (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Remaining

 

 

 

 

 

 

 

 

 

average

 

 

Contractual

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Life

 

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

(Years)

 

 

Value (a)

 

Outstanding at December 31, 2021

 

 

7,126

 

 

$

34.16

 

 

 

6.8

 

 

$

41,128

 

Granted

 

 

1,466

 

 

$

32.46

 

 

 

 

 

 

 

Exercised

 

 

(329

)

 

$

8.41

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(489

)

 

$

39.77

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

7,774

 

 

$

34.58

 

 

 

6.7

 

 

$

22,167

 

Exercisable at September 30, 2022

 

 

5,082

 

 

$

33.27

 

 

 

5.7

 

 

$

21,668

 

Vested and expected to vest at September 30, 2022

 

 

7,774

 

 

$

34.58

 

 

 

6.7

 

 

$

22,167

 

 

(a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at the dates reported.

The weighted-average grant date fair value per share of options granted during the nine months ended September 30, 2022 was $19.50. During the nine months ended September 30, 2022, the total number of stock options exercised was 328,529, resulting in total proceeds of $2.8 million. The total intrinsic value of options exercised during the nine months ended September 30, 2022 was $6.8 million.

Restricted Stock Units

The following table summarizes restricted stock unit activity under the 2015 Plan (in thousands, except per share data):

 

 

 

 

 

 

Weighted-average

 

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Unvested balance at December 31, 2021

 

 

277

 

 

$

43.62

 

Granted

 

 

438

 

 

$

31.81

 

Vested

 

 

(66

)

 

$

44.19

 

Forfeited

 

 

(32

)

 

$

37.79

 

Unvested balance at September 30, 2022

 

 

617

 

 

$

35.48

 

 

The total intrinsic value of restricted stock units vested during the nine months ended September 30, 2022 was $2.1 million. No restricted stock units vested during the nine months ended September 30, 2021.

Employee Stock Purchase Plan

In January 2022, the Board of Directors authorized an additional 428,311 shares to be issued under the 2015 ESPP. As of September 30, 2022, the total number of shares of common stock authorized for issuance under the 2015 ESPP was 1,426,994, of which 1,121,752 remained available for future issuance. During the nine months ended September 30, 2022, 75,733 shares of common stock were issued under the 2015 ESPP.