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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

9. Stock-based Compensation

Stock Option Valuation

The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and members of the board of directors were as follows, presented on a weighted-average basis:

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Expected option life (years)

 

 

5.96

 

 

 

6.07

 

Risk-free interest rate

 

 

1.80

%

 

 

0.76

%

Expected volatility

 

 

80.22

%

 

 

81.25

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

 

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2022:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2021

 

 

7,423,777

 

 

$

13.54

 

 

 

6.79

 

 

$

1,469

 

Granted

 

 

3,455,157

 

 

$

1.79

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(2,795,571

)

 

$

11.99

 

 

 

 

 

 

 

Outstanding as of September 30, 2022

 

 

8,083,363

 

 

$

9.05

 

 

 

7.69

 

 

$

50

 

Exercisable as of September 30, 2022

 

 

3,266,645

 

 

$

12.69

 

 

 

5.87

 

 

$

50

 

 

 

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock.

 

The aggregate intrinsic value of options exercised during the nine months ended September 30, 2021 was $1,760. No options were exercised during the nine months ended September 30, 2022.

The weighted-average grant-date fair value of the Company’s stock options granted during the nine months ended September 30, 2022 and 2021 was $1.23 and $9.12, respectively.

Restricted Stock Units

The following table summarizes the Company’s restricted common stock units for the nine months ended September 30, 2022:

 

 

Number
of Shares

 

 

Weighted-
Average
Grant
Date Fair
Value

 

Issued and unvested as of December 31, 2021

 

 

599,850

 

 

$

9.64

 

Granted

 

 

850,168

 

 

$

1.62

 

Vested

 

 

(431

)

 

$

15.65

 

Forfeited, cancelled or expired

 

 

(579,051

)

 

$

6.56

 

Issued and unvested as of September 30, 2022

 

 

870,536

 

 

$

3.85

 

 

 

The total fair value of restricted stock units vested during the nine months ended September 30, 2022 and 2021 was $7 and $7, respectively.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

$

448

 

 

$

1,965

 

 

$

2,169

 

 

$

5,989

 

General and administrative

 

2,208

 

 

 

3,204

 

 

 

7,098

 

 

 

8,505

 

Total stock-based compensation expense

$

2,656

 

 

$

5,169

 

 

$

9,267

 

 

$

14,494

 

 

 

 

As of September 30, 2022, total unrecognized compensation cost related to the unvested stock-based awards was $21,345, which is expected to be recognized over a weighted-average period of 2.39 years.