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Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Equity-Based Compensation Expense Equity-based compensation expense is classified in the condensed consolidated statements of operations and comprehensive loss as follows

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Research and development

 

$

2,160

 

 

$

1,783

 

General and administrative

 

 

1,997

 

 

 

2,809

 

Total

 

$

4,157

 

 

$

4,592

 

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2020:

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

per Share

 

Unvested restricted stock as of December 31, 2019

 

 

71,875

 

 

$

22.88

 

Granted

 

 

181,020

 

 

 

15.05

 

Vested

 

 

-

 

 

 

-

 

Cancelled

 

 

(4,410

)

 

 

15.05

 

Unvested restricted stock as of March 31, 2020

 

 

248,485

 

 

$

17.31

 

Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted Key assumptions used to apply this pricing model were as follows:

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Risk-free interest rate

 

1.0%

 

 

2.6%

 

Expected life of options

 

6.0 years

 

 

6.0 years

 

Expected volatility of underlying stock

 

66.7%

 

 

69.2%

 

Expected dividend yield

 

0.0%

 

 

0.0%

 

Summary of Stock Option Activity The following is a summary of stock option activity for the three months ended March 31, 2020

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price per

Share

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding at December 31, 2019

 

 

5,365,971

 

 

$

15.67

 

 

 

 

 

 

 

 

 

Granted

 

 

2,103,480

 

 

 

13.31

 

 

 

 

 

 

 

 

 

Exercised

 

 

(53,579

)

 

 

6.28

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(172,777

)

 

 

16.23

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2020

 

 

7,243,095

 

 

$

15.04

 

 

 

8.22

 

 

$

5,134

 

Exercisable at March 31, 2020

 

 

2,847,849

 

 

$

14.35

 

 

 

6.76

 

 

$

5,134