0001558370-22-011904.txt : 20220803 0001558370-22-011904.hdr.sgml : 20220803 20220803163101 ACCESSION NUMBER: 0001558370-22-011904 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220803 DATE AS OF CHANGE: 20220803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Editas Medicine, Inc. CENTRAL INDEX KEY: 0001650664 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 464097528 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37687 FILM NUMBER: 221133112 BUSINESS ADDRESS: STREET 1: 11 HURLEY ST. CITY: CAMBRIDGE STATE: MA ZIP: 02141 BUSINESS PHONE: 617-401-9000 MAIL ADDRESS: STREET 1: 11 HURLEY ST. CITY: CAMBRIDGE STATE: MA ZIP: 02141 10-Q 1 edit-20220630x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ________

Commission File Number 001-37687

EDITAS MEDICINE, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

46-4097528
(I.R.S. Employer
Identification No.)

11 Hurley Street
Cambridge, Massachusetts
(Address of principal executive offices)

02141
(Zip Code)

(617401-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

EDIT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer 

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of Common Stock outstanding as of July 29, 2022 was 68,737,250.

Editas Medicine, Inc.

TABLE OF CONTENTS

    

    

Page

PART I. FINANCIAL INFORMATION

3

Item 1.

Financial Statements (unaudited)

3

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and 2021

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

27

Item 4.

Controls and Procedures

28

PART II. OTHER INFORMATION

29

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

Item 6.

Exhibits

32

Signatures

33

2

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements.

Editas Medicine, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(amounts in thousands, except share and per share data)

    

June 30, 

    

December 31, 

2022

2021

ASSETS

Current assets:

Cash and cash equivalents

$

169,401

$

203,519

Marketable securities

283,157

296,326

Accounts receivable

 

713

 

267

Prepaid expenses and other current assets

 

8,106

 

7,198

Total current assets

 

461,377

 

507,310

Marketable securities

75,062

120,071

Property and equipment, net

 

16,198

 

17,118

Right-of-use assets

20,666

26,173

Restricted cash and other non-current assets

 

7,530

 

6,811

Total assets

$

580,833

$

677,483

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

6,169

$

5,050

Accrued expenses

 

20,105

 

20,192

Deferred revenue, current

11,333

Operating lease liabilities

10,147

10,309

Total current liabilities

 

36,421

 

46,884

Operating lease liabilities, net of current portion

10,110

16,069

Deferred revenue, net of current portion

68,888

60,888

Total liabilities

115,419

123,841

Stockholders’ equity

Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding

 

 

Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 68,736,434 and 68,489,257 shares issued, and 68,718,434 and 68,435,257 shares outstanding at June 30, 2022 and December 31, 2021, respectively

 

7

 

7

Additional paid-in capital

 

1,430,461

 

1,411,827

Accumulated other comprehensive loss

(3,387)

(493)

Accumulated deficit

 

(961,667)

 

(857,699)

Total stockholders’ equity

465,414

553,642

Total liabilities and stockholders’ equity

$

580,833

$

677,483

The accompanying notes are an integral part of the condensed consolidated financial statements.

3

Editas Medicine, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(amounts in thousands, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

2022

    

2021

Collaboration and other research and development revenues

$

6,362

$

379

$

13,134

$

6,878

Operating expenses:

Research and development

 

43,659

 

33,753

 

81,635

 

75,690

General and administrative

 

16,937

 

22,027

 

36,483

 

43,471

Total operating expenses

 

60,596

 

55,780

 

118,118

119,161

Operating loss

 

(54,234)

 

(55,401)

 

(104,984)

 

(112,283)

Other income, net:

Other income (expense), net

 

235

 

(1)

 

1

 

19

Interest income, net

546

146

1,015

280

Total other income, net

 

781

 

145

 

1,016

 

299

Net loss

$

(53,453)

$

(55,256)

$

(103,968)

$

(111,984)

Net loss per share, basic and diluted

$

(0.78)

$

(0.81)

$

(1.52)

$

(1.67)

Weighted-average common shares outstanding, basic and diluted

68,640,858

67,877,126

 

68,563,348

 

66,939,967

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

Editas Medicine, Inc.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(unaudited)

(amounts in thousands)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2022

2021

2022

2021

Net loss

$

(53,453)

$

(55,256)

$

(103,968)

$

(111,984)

Other comprehensive loss:

Unrealized (loss) gain on marketable debt securities

 

(878)

 

2

 

(2,894)

 

(25)

Comprehensive loss

$

(54,331)

$

(55,254)

$

(106,862)

$

(112,009)

The accompanying notes are an integral part of the condensed consolidated financial statements.

5

Editas Medicine, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(amounts in thousands, except share data)

    

    

Accumulated

    

    

Additional

Other

Other

Total

Common Stock

Paid-In

Comprehensive

Accumulated

Stockholders’

Shares

    

Amount

Capital

Loss

Deficit

Equity

Balance at December 31, 2021

68,435,257

$

7

$

1,411,827

$

(493)

$

(857,699)

$

553,642

Exercise of stock options

12,573

218

218

Vesting of restricted common stock awards

154,834

Stock-based compensation expense

11,431

11,431

Unrealized loss on marketable debt securities

(2,016)

(2,016)

Net loss

(50,515)

(50,515)

Balance at March 31, 2022

68,602,664

$

7

$

1,423,476

$

(2,509)

$

(908,214)

$

512,760

Exercise of stock options

20

Vesting of restricted common stock awards

77,884

Stock-based compensation expense

6,618

6,618

Purchase of common stock under benefit plans

37,866

367

367

Unrealized loss on marketable debt securities

(878)

(878)

Net loss

(53,453)

(53,453)

Balance at June 30, 2022

68,718,434

$

7

$

1,430,461

$

(3,387)

$

(961,667)

$

465,414

    

    

    

    

    

    

Accumulated

    

    

Additional

Other

Other

Total

Common Stock

Paid-In

Comprehensive

Accumulated

Stockholders’

Shares

    

Amount

Capital

(Loss) Gain

Deficit

Equity

Balance at December 31, 2020

62,563,457

$

6

$

1,058,823

$

(46)

$

(665,197)

$

393,586

Issuance of common stock for public offering

4,025,000

1

249,458

249,459

Issuance of common stock for success payment

303,599

27,500

27,500

Exercise of stock options

501,162

12,002

12,002

Vesting of restricted common stock awards

79,397

Stock-based compensation expense

12,204

12,204

Unrealized loss on marketable debt securities

(27)

(27)

Net loss

(56,728)

(56,728)

Balance at March 31, 2021

67,472,615

$

7

$

1,359,987

$

(73)

$

(721,925)

$

637,996

Exercise of stock options

629,973

16,567

16,567

Stock-based compensation expense

13,526

13,526

Vesting of restricted common stock awards

37,790

Purchase of common stock under benefit plans

19,408

526

Unrealized gain on marketable debt securities

2

2

Net loss

(55,256)

(55,256)

Balance at June 30, 2021

68,159,786

$

7

$

1,390,606

$

(71)

$

(777,181)

$

612,835

The accompanying notes are an integral part of the condensed consolidated financial statements.

6

Editas Medicine, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(amounts in thousands)

Six Months Ended

June 30, 

    

2022

    

2021

Cash flow from operating activities

Net loss

$

(103,968)

$

(111,984)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense

 

18,049

 

25,730

Depreciation

 

3,156

 

2,352

Other non-cash items, net

 

57

 

910

Changes in operating assets and liabilities:

 

 

Accounts receivable

(446)

5,717

Prepaid expenses and other current assets

(908)

5,521

Right-of-use assets

5,507

4,567

Other non-current assets

(719)

(2,077)

Accounts payable

1,252

(1,818)

Accrued expenses

402

(6,016)

Deferred revenue

 

(3,333)

 

(5,706)

Operating lease liabilities

 

(6,121)

 

(5,632)

Net cash used in operating activities

 

(87,072)

 

(88,436)

Cash flow from investing activities

Purchases of property and equipment

 

(2,880)

(2,788)

Proceeds from the sale of equipment

18

Purchases of marketable securities

(183,519)

(194,127)

Proceeds from maturities of marketable securities

238,750

204,950

Net cash provided by investing activities

 

52,369

 

8,035

Cash flow from financing activities

Proceeds from offering of common stock, net of issuance costs

249,458

Proceeds from exercise of stock options

218

28,569

Issuance of common stock under benefit plans

367

526

Net cash provided by financing activities

 

585

 

278,553

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(34,118)

198,152

Cash, cash equivalents, and restricted cash, beginning of period

 

207,396

143,559

Cash, cash equivalents, and restricted cash, end of period

$

173,278

$

341,711

Supplemental disclosure of cash and non-cash activities:

Fixed asset additions included in accounts payable and accrued expenses

$

127

$

1,079

Cash paid in connection with operating lease liabilities

7,089

6,731

Right-of-use assets obtained in exchange of operating lease obligations

9,753


The accompanying notes are an integral part of the condensed consolidated financial statements.

7

Editas Medicine, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Nature of Business

Editas Medicine, Inc. (the “Company”) is a leading, clinical stage genome editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts.

Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, Inc., a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“BMS”), and payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”), which was terminated in August 2020.

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products.

Liquidity

In May 2021, the Company entered into a common stock sales agreement with Cowen and Company, LLC (“Cowen”), under which the Company from time to time can issue and sell shares of its common stock through Cowen in at-the-market offerings for aggregate gross sale proceeds of up to $300.0 million (the “ATM Facility”). As of June 30, 2022, the Company has not sold any shares of its common stock under the ATM Facility.

In January 2021, the Company completed a public offering whereby it sold 3,500,000 shares of its common stock and received net proceeds of approximately $216.9 million. In February 2021, the underwriters in the public offering exercised their option to purchase an additional 525,000 shares, resulting in additional net proceeds to the Company of approximately $32.6 million.

The Company has incurred annual net operating losses in every year since its inception. The Company expects that its existing cash, cash equivalents and marketable securities at June 30, 2022 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements into 2024. The Company had an accumulated deficit of $961.7 million at June 30, 2022, and will require substantial additional capital to fund its operations. The Company has never generated any product revenue. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition.

8

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”).

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Editas Securities Corporation. All intercompany transactions and balances of the subsidiary have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended June 30, 2022 and 2021 are referred to as the second quarter of 2022 and 2021, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report.

3. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following at June 30, 2022 (in thousands):

Allowance

Gross

Gross

Amortized

for Credit

Unrealized

Unrealized

Fair

June 30, 2022

Cost

Losses

Gains

Losses

Value

Cash equivalents and marketable securities:

Money market funds

$

169,401

$

$

$

$

169,401

U.S. Treasuries

113,688

17

(413)

113,292

Government agency securities

125,964

(2,098)

123,866

Commercial paper

76,338

(95)

76,243

Corporate notes/bonds

45,616

(798)

44,818

Total

$

531,007

$

$

17

$

(3,404)

$

527,620

9

Cash equivalents and marketable securities consisted of the following at December 31, 2021 (in thousands):

Allowance

Gross

Gross

Amortized

for Credit

Unrealized

Unrealized

Fair

December 31, 2021

Cost

Losses

Gains

Losses

Value

Cash equivalents and marketable securities:

Money market funds

$

203,519

$

$

$

$

203,519

U.S. Treasuries

124,016

1

(84)

123,933

Government agency securities

126,927

(228)

126,699

Commercial paper

89,699

1

(13)

89,687

Corporate notes/bonds

76,248

(170)

76,078

Total

$

620,409

$

$

2

$

(495)

$

619,916

As of June 30, 2022, the Company did not hold any marketable securities that had been in an unrealized loss position for more than twelve months. Furthermore, the Company has determined that there were no material changes in the credit risk of the debt securities. As of June 30, 2022, the Company holds 34 securities with an aggregate fair value of $75.1 million that had remaining maturities between one and two years.

There were no realized gains or losses on available-for-sale securities during the six months ended June 30, 2022 or 2021.

4. Fair Value Measurements

Assets measured at fair value on a recurring basis as of June 30, 2022 were as follows (in thousands):

    

    

Quoted Prices

    

Significant

    

in Active

Other

Significant

Markets for

Observable

Unobservable

June 30, 

Identical Assets

Inputs

Inputs

Financial Assets

2022

(Level 1)

(Level 2)

(Level 3)

Cash equivalents:

Money market funds

$

169,401

$

169,401

$

$

Marketable securities:

U.S. Treasuries

113,292

113,292

Government agency securities

123,866

123,866

Commercial paper

76,243

76,243

Corporate notes/bonds

44,818

44,818

Restricted cash and other non-current assets:

Money market funds

3,877

3,877

Total financial assets

$

531,497

$

286,570

$

244,927

$

10

Assets measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands):

    

    

Quoted Prices

    

Significant

    

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31, 

Identical Assets

Inputs

Inputs

Financial Assets

2021

(Level 1)

(Level 2)

(Level 3)

Cash equivalents:

Money market funds

$

203,519

$

203,519

$

$

Marketable securities:

U.S. Treasuries

123,933

123,933

Government agency securities

126,699

126,699

Commercial paper

89,687

89,687

Corporate bonds

76,078

76,078

Restricted cash and other non-current assets:

Money market funds

3,877

3,877

Total financial assets

$

623,793

$

331,329

$

292,464

$

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):

As of

June 30, 

December 31, 

    

2022

    

2021

External research and development expenses

$

9,556

$

5,614

Employee related expenses

5,895

10,159

Other expenses

2,762

666

Intellectual property and patent related fees

1,039

1,408

Professional service expenses

853

2,345

Total accrued expenses

$

20,105

$

20,192

6. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

    

As of

June 30, 

December 31, 

    

2022

    

2021

Laboratory equipment

$

24,256

$

21,579

Leasehold improvements

8,742

8,162

Computer equipment

 

876

 

876

Construction-in-progress

433

1,529

Furniture and office equipment

264

264

Software

 

215

 

215

Total property and equipment

 

34,786

 

32,625

Less: accumulated depreciation

 

(18,588)

 

(15,507)

Property and equipment, net

$

16,198

$

17,118

11

7. Commitments and Contingencies

The Company is a party to a number of license agreements under which the Company licenses patents, patent applications and other intellectual property from third parties. As such, the Company is obligated to pay licensors for various costs including upfront licenses fees, annual license fees, certain licensor expense reimbursements, success payments, research funding payments, and milestones triggerable upon certain development, regulatory, and commercial events as well as royalties on future products. These contracts are generally cancellable, with notice, at the Company’s option and do not have significant cancellation penalties. The terms and conditions as well as the accounting analysis for the Company’s significant commitments and contingencies are described in Note 8, “Commitments and Contingencies” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report.

Licensor Expense Reimbursement

The Company is obligated to reimburse The Broad Institute, Inc. (“Broad”) and the President and Fellows of Harvard College (“Harvard”) for expenses incurred by each of them associated with the prosecution and maintenance of the patent rights that the Company licenses from them pursuant to the license agreement by and among the Company, Broad and Harvard, including the interference and opposition proceedings involving patents licensed to the Company under the license agreement, and other license agreements between the Company and Broad. As such, the Company anticipates that it has a substantial commitment in connection with these proceedings until such time as these proceedings have been resolved, but the amount of such commitment is not determinable. The Company incurred an aggregate of $1.8 million and $3.9 million in expense during the three and six months ended June 30, 2022, respectively, for such reimbursement. The Company incurred an aggregate of $3.4 million and $7.2 million in expense during the three and six months ended June 30, 2021, respectively, for such reimbursement.

8. Collaboration and Profit-Sharing Agreements

The Company has entered into multiple collaborations, out-licenses and strategic alliances with third parties that typically involve payments to or from the Company, including up-front payments, payments for research and development services, option payments, milestone payments and royalty payments to or from the Company. The terms and conditions as well as the accounting analysis for the Company’s significant collaborations, out-licenses and strategic alliances are described in Note 9, “Collaboration and Profit-Sharing Agreements” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report.

Collaboration Revenue

As of June 30, 2022, the Company’s contract liabilities were primarily related to the Company’s collaboration with BMS. The following table presents changes in the Company’s accounts receivable and contract liabilities for the six months ended June 30, 2022 (in thousands):

For the six months ended June 30, 2022

Balance at December 31, 2021

Additions

Deductions

Balance at June 30, 2022

Accounts receivable

$

267

$

1,651

$

(1,205)

$

713

Contract liabilities:

Deferred revenue

$

72,221

$

8,150

$

(11,483)

$

68,888

During the three and six months ended June 30, 2022, the Company recognized the following collaboration revenue (in thousands):

Three Months Ended

Six Months Ended

Revenue recognized in the period from:

June 30, 2022

Amounts included in deferred revenue at the beginning of the period

$

5,666

$

11,483

Performance obligations satisfied in previous periods

$

$

12

9. Stock-based Compensation

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2022

2021

2022

2021

Research and development

$

3,064

$

4,171

$

6,758

$

8,137

General and administrative

 

3,554

 

9,355

 

11,291

 

17,593

Total stock-based compensation expense

$

6,618

$

13,526

$

18,049

$

25,730

Restricted Stock and Restricted Stock Unit Awards

The following is a summary of restricted stock and restricted stock unit awards activity for the six months ended June 30, 2022:

    

    

Weighted

Average

Grant Date

Fair Value

Shares

Per Share

Unvested restricted stock and restricted stock unit awards as of December 31, 2021

 

628,732

$

41.28

Issued

 

1,183,415

$

15.62

Vested

 

(232,718)

$