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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option Activity

The following summarizes option activity (in thousands, except price per option data):

 

 

 

Options Outstanding

 

 

 

Number of Options

 

 

Weighted-Average Exercise Price per Option

 

 

Aggregate
Intrinsic
Value

 

Outstanding — December 31, 2020

 

 

8,637

 

 

$

6.91

 

 

 

 

Options granted

 

 

2,043

 

 

$

2.86

 

 

 

 

Options exercised

 

 

(19

)

 

$

0.81

 

 

 

 

Options cancelled

 

 

(2,337

)

 

$

6.02

 

 

 

 

Outstanding — December 31, 2021

 

 

8,324

 

 

$

6.18

 

 

$

 

Exercisable — December 31, 2021

 

 

5,550

 

 

$

7.10

 

 

$

 

Vested and expected to vest — December 31, 2021

 

 

8,324

 

 

$

6.18

 

 

$

 

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity was as follows (in thousands, except weighted-average grant-date fair value and contractual term amounts):

 

Stock Awards (PSUs and RSUs)

 

 

Shares

 

 

Weighted-
Average
Grant-Date Fair Value

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding — December 31, 2020

 

 

 

$

 

 

 

 

 

 

 

PSUs and RSUs — Awarded

 

2,190

 

 

$

2.94

 

 

 

 

 

 

 

PSUs and RSUs — Vested

 

(1,069

)

 

$

2.98

 

 

 

 

 

 

 

PSUs and RSUs — Cancelled

 

(405

)

 

$

2.98

 

 

 

 

 

 

 

Outstanding — December 31, 2021

 

716

 

 

$

2.86

 

 

 

1.10

 

 

$

477

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Stock Option Awards to Employees Using a Black-Scholes Option Pricing Model

The fair value of stock option awards was estimated using a Black-Scholes option-pricing model with the following assumptions:

 

 

Year Ended December 31,

 

2021

 

2020

 

2019

Expected term

5.3 ─ 6.1 years

 

5.3 ─ 6.1 years

 

5.3 ─ 6.1 years

Volatility

81.9% ─ 88.0%

 

85.2% ─ 89.8%

 

84.6% ─ 85.7%

Risk-free interest rate

0.63% ─ 1.36%

 

0.31% ─ 1.69%

 

1.42% ─ 2.60%

Expected dividend rate

─%

 

─%

 

─%

Employee Stock Purchase Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized related to the ESPP was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Research and development

 

$

 

115

 

 

$

 

343

 

 

$

 

269

 

General and administrative

 

 

 

44

 

 

 

 

108

 

 

 

 

88

 

Total stock-based compensation

 

$

 

159

 

 

$

 

451

 

 

$

 

357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value of Stock Offered

The Company used the following assumptions to estimate the fair value of stock offered under the ESPP for the years ended December 31, 2021, 2020, and 2019:

 

 

Year Ended December 31,

 

2021

 

2020

 

2019

Expected term

0.50 years

 

0.24 ─ 0.50 years

 

0.24 ─ 0.50 years

Volatility

103.1% ─ 126.6%

 

54.3% ─ 125.5%

 

52.9% ─ 82.0%

Risk-free interest rate

0.04% ─ 0.11%

 

0.08% ─ 1.59%

 

1.58% ─ 2.55%

Expected dividend rate

─%

 

─%

 

─%

2010 Plan, 2014 Plan and 2018 Inducement Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock-based Compensation Expense Recognized

Total stock-based compensation recognized related to the 2010 Plan, 2014 Plan and 2018 Inducement Plan was as follows (in thousands):

 

 

 

Year Ended December, 31

 

 

 

2021

 

 

2020

 

 

2019

 

Research and development

 

$

5,462

 

 

$

3,742

 

 

$

3,223

 

General and administrative

 

 

4,643

 

 

 

3,867

 

 

 

2,886

 

Total stock-based compensation

 

$

10,105

 

 

$

7,609

 

 

$

6,109