Share Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
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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:
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Expected term (in years) |
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6.0 |
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6.1 |
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6.0 |
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6.0 |
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Expected volatility |
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75.5 |
% |
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73.2 |
% |
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73.3 |
% |
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73.3 |
% |
Risk-free interest rate |
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2.8 |
% |
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1.0 |
% |
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2.2 |
% |
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1.0 |
% |
Expected dividend yield |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
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Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity since December 31, 2021:
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Number of Shares |
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Weighted- Average Exercise Price |
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Weighted- Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2021 |
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18,871,592 |
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$ |
10.15 |
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9.3 |
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$ |
24,897 |
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Granted |
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8,618,759 |
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$ |
5.38 |
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Exercised |
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(273,353 |
) |
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$ |
0.81 |
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Forfeited |
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(5,812,685 |
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$ |
10.30 |
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Outstanding at September 30, 2022 |
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21,404,313 |
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$ |
8.31 |
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8.9 |
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$ |
6,133 |
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Vested and expected to vest at September 30, 2022 |
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21,404,313 |
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$ |
8.31 |
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8.9 |
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$ |
6,133 |
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Options exercisable at September 30, 2022 |
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5,648,666 |
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$ |
7.68 |
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8.4 |
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$ |
2,916 |
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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:
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Number of Shares |
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Unvested restricted stock at December 31, 2021 |
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3,082,175 |
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Issued |
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— |
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Vested |
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(511,049 |
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Repurchased |
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(2,150,737 |
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Unvested restricted stock at September 30, 2022 |
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420,389 |
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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):
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Research and development |
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$ |
3,419 |
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$ |
2,151 |
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$ |
9,954 |
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$ |
3,582 |
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Selling, general and administrative |
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3,980 |
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3,828 |
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5,789 |
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6,326 |
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$ |
7,399 |
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$ |
5,979 |
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$ |
15,743 |
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$ |
9,908 |
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