XML 23 R14.htm IDEA: XBRL DOCUMENT v3.22.2
Stock-based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

9. Stock-based Compensation

Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the six months ended June 30, 2022:

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price Per

 

 

Term

 

 

Value

 

 

 

Outstanding

 

 

Share

 

 

(Years)

 

 

(in thousands)

 

Balances at December 31, 2021

 

 

2,024,681

 

 

$

18.33

 

 

 

8.0

 

 

$

38,417

 

Stock options authorized

 

 

—

 

 

 

 

 

 

 

 

 

 

Stock options granted

 

 

1,005,432

 

 

 

19.39

 

 

 

 

 

 

 

Stock options exercised

 

 

(44,910

)

 

 

8.24

 

 

 

 

 

 

 

Stock options forfeited

 

 

(77,607

)

 

 

24.96

 

 

 

 

 

 

 

Balances at June 30, 2022

 

 

2,907,596

 

 

$

18.67

 

 

 

8.3

 

 

$

8,158

 

 

As of June 30, 2022, 2,942,751 shares remained available for issuance under the 2019 Plan.

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the six months ended June 30, 2022:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

 

Outstanding

 

 

Per Share

 

Balances at December 31, 2021

 

 

40,500

 

 

$

44.66

 

RSUs granted

 

 

—

 

 

 

—

 

RSUs vested and settled

 

 

(13,500

)

 

 

44.66

 

RSUs forfeited

 

 

—

 

 

 

—

 

Balances at June 30, 2022

 

 

27,000

 

 

$

44.66

 

 

Stock-based compensation expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was as follows (in thousands):

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,269

 

 

$

1,627

 

 

$

2,448

 

 

$

3,101

 

General and administrative

 

 

1,403

 

 

 

1,261

 

 

 

2,926

 

 

 

2,474

 

Total stock-based compensation expense

 

$

2,672

 

 

$

2,888

 

 

$

5,374

 

 

$

5,575

 

 

As of June 30, 2022, unrecognized stock-based compensation expense related to outstanding unvested stock options and RSUs that are expected to vest was $24.2 million. This unrecognized stock-based compensation expense is expected to be recognized over 2.8 years.

The Company recorded stock-based compensation expense related to the 2019 ESPP of $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively, and $1.0 million and $1.8 million for the three and six months ended June 30, 2021, respectively.