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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

7. Stock-Based Compensation

In January 2022 and 2021, the number of shares of common stock available for issuance under the 2018 Equity Incentive Plan (the "2018 Plan") was increased by approximately 2.1 million and 2.0 million shares, respectively, as a result of the automatic increase provision in the 2018 Plan.

Stock Options

Stock option activity, including stock options and performance-based stock options under the 2021 Long-Term Performance Incentive Plan (“2021 LTPIP”), 2018 Plan and 2015 Plan is summarized as follows:

 

 

 

Number
of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2021

 

 

14,523,917

 

 

$

61.68

 

 

 

8.60

 

 

$

335,440

 

Granted

 

 

388,820

 

 

$

14.74

 

 

 

 

 

 

 

Exercised

 

 

(110,363

)

 

$

15.22

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(563,036

)

 

$

81.32

 

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

14,239,338

 

 

$

59.99

 

 

 

8.09

 

 

$

6,444

 

 

 

Restricted Shares

Restricted share activity, including restricted stock awards, restricted stock units, and performance-based restricted stock units, under the 2018 Plan and 2015 Plan is summarized as follows:

 

 

 

Number of
Restricted
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested at December 31, 2021

 

 

363,930

 

 

$

72.75

 

Granted

 

 

44,250

 

 

 

27.38

 

Vested

 

 

(77,729

)

 

 

69.50

 

Canceled

 

 

(37,688

)

 

 

74.65

 

Unvested at June 30, 2022

 

 

292,763

 

 

$

66.51

 

 

 

Performance-Based Awards

The Company did not grant any performance-based equity awards during the three and six months ended June 30, 2022.

In February 2021, the Company granted 190,831 performance-based stock options ("2021 Feb PSO"). Upon the achievement of the specific clinical development milestone for the 2021 Feb PSO, 25% of the options vested in the first quarter of 2022. The remaining awards will continue to vest in 36 successive equal monthly installments after the performance criteria was achieved.

Stock-Based Compensation Expense

Stock-based compensation for options, restricted shares, and ESPP is classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
  June 30,

 

 

Six Months Ended
  June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

14,109

 

 

$

5,770

 

 

$

30,084

 

 

$

11,169

 

General and administrative

 

 

11,869

 

 

 

5,317

 

 

 

23,989

 

 

 

9,843

 

Total stock-based compensation

 

$

25,978

 

 

$

11,087

 

 

$

54,073

 

 

$

21,012