XML 50 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:

 

 

NUMBER

OF

SHARES

 

 

WEIGHTED

AVERAGE

EXERCISE

PRICE

PER

SHARE

 

 

WEIGHTED

AVERAGE

REMAINING

CONTRACTUAL

TERM

 

 

AGGREGATE

INTRINSIC

VALUE (1)

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding as of December 31, 2019

 

 

4,251,914

 

 

$

7.78

 

 

 

8.03

 

 

$

10,515

 

Granted

 

 

623,935

 

 

 

13.87

 

 

 

 

 

 

 

 

 

Exercised

 

 

(20,998

)

 

 

6.78

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(313,506

)

 

 

9.86

 

 

 

 

 

 

 

 

 

Outstanding as of September 30, 2020

 

 

4,541,345

 

 

$

8.47

 

 

 

7.54

 

 

$

29,950

 

Exercisable as of December 31, 2019

 

 

1,685,871

 

 

$

5.16

 

 

 

6.83

 

 

$

8,569

 

Vested and expected to vest as of December 31, 2019

 

 

4,178,357

 

 

$

7.74

 

 

 

8.01

 

 

$

10,448

 

Exercisable as of September 30, 2020

 

 

2,393,627

 

 

$

6.37

 

 

 

6.63

 

 

$

20,662

 

Vested and expected to vest as of September 30,

   2020

 

 

4,467,788

 

 

$

8.46

 

 

 

7.52

 

 

$

29,533

 

 
Schedule of Components and Classification of Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense (in thousands):

 

 

 

THREE MONTHS ENDED

SEPTEMBER 30,

 

 

NINE MONTHS ENDED

SEPTEMBER 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Research and development

 

$

942

 

 

$

1,343

 

 

$

2,763

 

 

$

2,575

 

General and administrative

 

 

878

 

 

 

1,006

 

 

 

2,198

 

 

 

2,308

 

 

 

$

1,820

 

 

$

2,349

 

 

$

4,961

 

 

$

4,883

 

Employee

 

$

1,730

 

 

$

1,937

 

 

$

4,609

 

 

$

3,888

 

Non-employee

 

 

90

 

 

 

412

 

 

 

352

 

 

 

995

 

 

 

$

1,820

 

 

$

2,349

 

 

$

4,961

 

 

$

4,883

 
Service-Based Awards  
Summary of Key Assumptions Used for Stock Option Valuation

The key assumptions used in the Black-Scholes option pricing model on the date of grant for options with service-based vesting conditions were as follows, presented on a weighted average basis:

 

 

 

THREE MONTHS ENDED

SEPTEMBER 30,

 

 

NINE MONTHS ENDED

SEPTEMBER 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Risk-free interest rate

 

 

0.41

%

 

 

1.82

%

 

 

0.74

%

 

 

2.23

%

Expected term (in years)

 

6.25

 

 

6.25

 

 

6.25

 

 

6.25

 

Expected volatility

 

 

68.63

%

 

 

67.41

%

 

 

68.13

%

 

 

67.60

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Fair value per share of common stock

 

$

15.76

 

 

$

10.25

 

 

$

13.87

 

 

$

14.85

 

 
Award Repricing  
Summary of Key Assumptions Used for Stock Option Valuation

The key assumptions used in the Black-Scholes option pricing model on the date of repricing for the affected options were as follows, presented on a weighted average basis:

 

 

 

 

 

 

Risk-free interest rate

 

 

1.86

%

Expected term (in years)

 

 

5.79

 

Expected volatility

 

 

66.56

%

Expected dividend yield

 

 

0.00

%

Fair value per share of common stock

 

$

10.25

 
Performance-Based Awards  
Summary of Key Assumptions Used for Stock Option Valuation

The key assumptions used in the Black-Scholes option pricing model on the date of grant for performance-based awards granted to employees were as follows, presented on a weighted average basis:

 

 

 

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019

 

Risk-free interest rate

 

 

1.89

%

Expected term (in years)

 

 

6.25

 

Expected volatility

 

 

67.45

%

Expected dividend yield

 

 

0.00

%

Fair value per share of common stock

 

$

10.25