Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Stock-Based Compensation

10. Stock-Based Compensation

Stock Options

The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years. As of September 30, 2022, there was $13.7 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.6 years. During the nine months ended September 30, 2022, the Company granted 1,433,427 stock options with a weighted average exercise price of $8.39 and per share weighted average grant date fair value of $6.97.

Information related to stock options outstanding as of September 30, 2022 is as follows (in thousands, except share and per share data):

				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value
Outstanding	3,528,473	$	9.09	5.9	$	16,975
Exercisable	1,382,587	$	8.75	5.8	$	7,824
Unvested	2,145,886	$	9.31	6.0	$	9,151

Restricted Stock

As of September 30, 2022, the Company had unvested restricted stock of 13,454 shares with total unrecognized compensation expense of $47,000, which the Company expects to recognize over a weighted average period of approximately 0.2 years. During the nine months ended September 30, 2022, the Company issued 34,132 of unrestricted common stock as a result of the vesting of 60,546 restricted stock net of 26,414 shares of common stock withheld to satisfy tax withholding obligations.

Restricted Stock Units (RSUs)

During the nine months ended September 30, 2022, the Company granted 285,000 shares of RSUs with a weighted average grant date fair value of $7.11 which vest over four years. As of September 30, 2022, the Company had unvested RSUs of 470,275 shares with total unrecognized compensation expense of $3.4 million, which the Company expects to recognize over a weighted average period of approximately 3.1 years. During the nine months ended September 30, 2022, the Company issued 30,373 shares of unrestricted common stock as a result of the vesting of 46,653 RSUs net of 16,280 shares of common stock withheld to satisfy tax withholding obligations.

2019 Employee Stock Purchase Plan (ESPP)

Under the ESPP, employees purchased 26,395 shares for $0.2 million during the nine months ended September 30, 2022. During the three and nine months ended September 30, 2022, the Company recognized compensation expense of $0.1 million and $0.2 million respectively. During the three and nine months ended September 30, 2021, the Company recognized compensation expense of $29,000 and $0.3 million, respectively.

Stock-based Compensation Expense

Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021 as follows (in thousands):

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Research and development	$	743	$	449	$	2,024	$	1,211
General and administrative		1,385		1,048		4,185		2,989
Total	$	2,128	$	1,497	$	6,209	$	4,200