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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Summary of Employee and Non-Employee Stock-Based Compensation Expense

The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

General and administrative expense

 

$

3,267

 

 

$

3,629

 

 

$

7,699

 

 

$

7,108

 

Research and development expense

 

 

1,784

 

 

 

3,121

 

 

 

6,593

 

 

 

6,633

 

Total stock-based compensation

 

$

5,051

 

 

$

6,750

 

 

$

14,292

 

 

$

13,741

 

Service Based Stock Options  
Summary of Stock Options Activity

Activity for service-based stock options under the Quince 2019 Plan is as follows:

 

 

 

Number of
Options and
Unvested
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
average
remaining
contractual
life (years)

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Balance at December 31, 2021

 

 

5,571,293

 

 

$

28.70

 

 

 

8.26

 

 

$

15,687

 

Options granted

 

 

1,869,058

 

 

 

8.75

 

 

 

 

 

 

 

Options exercised

 

 

(78,210

)

 

 

1.72

 

 

 

 

 

 

 

Options cancelled / forfeited

 

 

(2,235,768

)

 

 

30.39

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

5,126,373

 

 

$

21.10

 

 

 

6.63

 

 

$

501

 

Options vested and expected to vest as of June 30, 2022

 

 

5,126,373

 

 

 

21.10

 

 

 

6.63

 

 

 

501

 

Options exercisable as of June 30, 2022

 

 

2,680,564

 

 

$

22.00

 

 

 

4.49

 

 

$

501

 

Service Based Stock Options | Novosteo  
Summary of Stock Options Activity

Activity for service-based stock options under the 2019 Novosteo Plan is as follows:

 

 

 

Number of
Options and
Unvested
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
average
remaining
contractual
life (years)

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Balance at December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

507,648

 

 

 

0.55

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Options cancelled / forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

507,648

 

 

$

0.55

 

 

 

9.73

 

 

$

848

 

Options vested and expected to vest as of June 30, 2022

 

 

507,648

 

 

 

0.55

 

 

 

9.73

 

 

 

848

 

Options exercisable as of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Stock Options  
Summary of Stock Options Activity

The following table summarizes activity under the Company’s PSOs from the Quince 2019 Plan and related information:

 

 

 

Shares Subject to Outstanding PSOs

 

 

Weighted
Average
Exercise Price

 

 

Weighted average remaining contractual life (years)

 

Balance at December 31, 2021

 

 

675,000

 

 

$

29.60

 

 

 

5.74

 

Surrendered

 

 

(675,000

)

 

$

29.60

 

 

 

Vested

 

 

 

 

 

 

Balance at June 30, 2022

 

 

 

 

 

 

Restricted Stock Units (RSUs)  
Summary of Restricted Stock Options

The following table summarizes activity under the Company’s RSUs from the Quince 2019 Plan and related information:

 

 

 

Quince 2019 Plan

 

 

 

Restricted Stock Units Outstanding

 

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested - December 31, 2021

 

 

 

 

RSUs granted

 

 

1,013,500

 

 

$

4.30

 

RSUs vested

 

 

(253,297

)

 

$

4.30

 

RSUs cancelled

 

 

(226,538

)

 

$

4.30

 

Unvested - June 30, 2022

 

 

533,665

 

 

$

4.30

 

2022 Inducement Plan  
Summary of Stock Options Activity

Activity for service-based stock options under the 2022 Inducement Plan is as follows:

 

 

 

Number of
Options and
Unvested
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
average
remaining
contractual
life (years)

 

 

Aggregate
intrinsic
value

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Balance at December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

3,744,255

 

 

 

2.98

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Options cancelled / forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

3,744,255

 

 

$

2.98

 

 

 

9.90

 

 

$

 

Options vested and expected to vest as of June 30, 2022

 

 

3,744,255

 

 

 

2.98

 

 

 

9.90

 

 

 

 

Options exercisable as of June 30, 2022