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Share Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Fair Values and Valuation Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted:

 

 

Three Months Ended
September 30,

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Expected term (in years)

 

 

6.0

 

 

 

6.1

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

75.5

%

 

 

73.2

%

 

 

73.3

%

 

 

73.3

%

Risk-free interest rate

 

 

2.8

%

 

 

1.0

%

 

 

2.2

%

 

 

1.0

%

Expected dividend yield

 

 

%

 

 

%

 

 

%

 

 

%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since December 31, 2021:

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding at December 31, 2021

 

 

18,871,592

 

 

$

10.15

 

 

 

9.3

 

 

$

24,897

 

Granted

 

 

8,618,759

 

 

$

5.38

 

 

 

 

 

 

 

Exercised

 

 

(273,353

)

 

$

0.81

 

 

 

 

 

 

 

Forfeited

 

 

(5,812,685

)

 

$

10.30

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

21,404,313

 

 

$

8.31

 

 

 

8.9

 

 

$

6,133

 

Vested and expected to vest at September 30, 2022

 

 

21,404,313

 

 

$

8.31

 

 

 

8.9

 

 

$

6,133

 

Options exercisable at September 30, 2022

 

 

5,648,666

 

 

$

7.68

 

 

 

8.4

 

 

$

2,916

 

 

Schedule of Unvested Common Stock Options

A summary of the Company’s unvested common stock from option early exercises that is subject to repurchase by the Company is as follows:

 

 

Number
of Shares

 

Unvested restricted stock at December 31, 2021

 

 

3,082,175

 

Issued

 

 

 

Vested

 

 

(511,049

)

Repurchased

 

 

(2,150,737

)

Unvested restricted stock at September 30, 2022

 

 

420,389

 

Summary of Share Based Compensation Expense Recognized

The Company recorded stock-based compensation expense (service-based stock options and employee stock purchase plan) in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended
September 30,

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

3,419

 

 

$

2,151

 

 

$

9,954

 

 

$

3,582

 

Selling, general and administrative

 

 

3,980

 

 

 

3,828

 

 

 

5,789

 

 

 

6,326

 

 

 

$

7,399

 

 

$

5,979

 

 

$

15,743

 

 

$

9,908