Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation

Stock-Based Compensation

8. 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, 2023, there was $17.9 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.7 years. During the nine months ended September 30, 2023, the Company granted 1,760,026 stock options with a weighted average exercise price of $9.71 and per share weighted average grant date fair value of $7.86.

Information related to stock options outstanding as of September 30, 2023 is as follows:

				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value (In thousands)
Outstanding	5,079,329	$	9.31	5.9	$	239
Exercisable	2,260,984	$	8.81	5.8	$	200
Vested and expected to vest	4,769,311	$	9.28	5.9	$	235

Restricted Stock Units (RSUs)

During the nine months ended September 30, 2023, the Company granted 319,700 shares of RSUs with a weighted average grant date fair value of $13.20 which vest over four years. As of September 30, 2023, the Company had unvested RSUs of 618,543 shares with total unrecognized compensation expense of $5.1 million, which the Company expects to recognize over a weighted average period of approximately 2.7 years. During the nine months ended September 30, 2023, the Company issued 61,928 shares of unrestricted common stock as a result of the vesting of 100,642 RSUs net of 38,714 shares of common stock withheld to satisfy tax withholding obligations.

2019 Employee Stock Purchase Plan (ESPP)

Under the ESPP, employees purchased 41,560 shares for $0.2 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2023 and 2022, the Company recognized compensation expense of $0.1 million and $0.2 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, 2023 and 2022 as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development	$	1,164	$	743	$	3,560	$	2,024
General and administrative		1,546		1,385		4,611		4,185
Total	$	2,710	$	2,128	$	8,171	$	6,209