Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based CompensationStock-based compensation expense for stock options and RSUs is reflected in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three months ended March 31,
	2022		2021
General and administrative	$	2,216	$	590
Research and development	1,083		243
Total	$	3,299	$	833

As of March 31, 2022, the Company had $27.9 million of unrecognized stock-based compensation expense related to stock options and RSUs outstanding. This expense is expected to be recognized over a weighted-average period of 2.3 years as of March 31, 2022.

Equity Plans

The Company maintains two equity compensation plans, the 2014 Ocugen OpCo, Inc. Stock Option Plan (the "2014 Plan") and the Ocugen, Inc. 2019 Equity Incentive Plan (the "2019 Plan", collectively with the 2014 Plan, the "Plans"). As of March 31, 2022, the 2014 Plan and 2019 Plan authorize for the granting of up to 0.8 million and 19.5 million equity awards with respect to the Company's common stock, respectively. In addition to stock options and RSUs granted under the Plans, the Company has granted certain stock options and RSUs as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4), which were granted outside of the Plans.

Options to Purchase Common Stock

The following table summarizes the stock option activity:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Options outstanding at December 31, 2021	10,086,167	$	2.59	8.8	$	24,664
Granted	4,323,937	$	4.42
Exercised	(277,323)	$	0.65
Forfeited	(130,327)	$	6.48
Options outstanding at March 31, 2022	14,002,454	$	3.16	8.9	$	14,468
Options exercisable at March 31, 2022	2,913,960	$	2.37	8.3	$	4,431

There were 1.2 million of stock options with performance-based vesting conditions outstanding as of March 31, 2022 and December 31, 2021, of which 0.9 million were not yet vested and exercisable as of March 31, 2022 and December 31, 2021. The weighted average grant date fair values of stock options granted during the three months ended March 31, 2022 and 2021 were $3.61 and $1.73, respectively. The total fair values of stock options vested during the three months ended March 31, 2022 and 2021 were $2.8 million and $0.3 million, respectively.

RSUs

The following table summarizes the RSU activity:


	Number of Shares	Weighted-Average Grant-Date Fair Value
RSUs outstanding at December 31, 2021	191,811	$	6.79
Granted	1,130,270	$	4.45
Forfeited	(20,812)	$	6.36
RSUs outstanding at March 31, 2022	1,301,269	$	4.76