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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Summary of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2021 (in thousands, except share and per share data):

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life
(in Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2020

 

 

5,071,740

 

 

$

9.99

 

 

 

8.6

 

 

$

40,631

 

Granted

 

 

2,263,200

 

 

$

18.17

 

 

 

 

 

 

 

Exercised

 

 

(109,937

)

 

$

6.55

 

 

 

 

 

 

 

Canceled and forfeited

 

 

(218,888

)

 

$

13.28

 

 

 

 

 

 

 

Outstanding as of September 30, 2021

 

 

7,006,115

 

 

$

12.59

 

 

 

8.3

 

 

$

52,040

 

Vested and exercisable as of September 30, 2021

 

 

2,685,172

 

 

$

8.46

 

 

 

7.6

 

 

$

31,028

 

 

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted

The following assumptions were used to estimate the fair value of stock option awards granted during the following periods:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2021

 

2020

 

2021

 

2020

Exercise price

 

$14.05-$18.15

 

$19.03-$26.59

 

$14.05-$21.22

 

$10.40-$26.59

Expected term (in years)

 

5.5-6.1

 

5.5-6.1

 

5.5-6.1

 

5.5-6.1

Expected volatility

 

82.76%-83.88%

 

92.45%-94.82%

 

82.76%-94.06%

 

77.07%-95.85%

Risk-free interest rate

 

0.75%-0.97%

 

0.33%-0.40%

 

0.62%-1.12%

 

0.33%-1.73%

Expected dividend yield

 

 

 

 

Summary of PSU Activity

The following table summarizes the activity related to PSUs for the nine months ended September 30, 2021:

 

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested and Outstanding as of December 31, 2020

 

 

 

 

$

 

Granted

 

 

229,856

 

 

$

14.78

 

Vested

 

 

(76,027

)

 

$

18.56

 

Cancelled/Forfeited

 

 

(2,076

)

 

$

18.50

 

Unvested and Outstanding as of September 30, 2021

 

 

151,753

 

 

 

12.84

 

Summary of Stock-based Compensation Reflected in Unaudited Condensed Consolidated Statements of Operations

Total stock-based compensation is reflected in the unaudited condensed consolidated statements of operations as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

General and administrative

 

$

4,380

 

 

$

2,067

 

 

$

9,731

 

 

$

5,313

 

Research and development

 

 

3,035

 

 

 

1,361

 

 

 

7,792

 

 

 

3,662

 

Total

 

$

7,415

 

 

$

3,428

 

 

$

17,523

 

 

$

8,975