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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-based Payment Arrangement, Option, Activity

The following is a summary of stock option activity from December 31, 2021 to June 30, 2022:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2021

 

 

26,687,620

 

 

$

6.85

 

 

 

4.85

 

 

$

74,525

 

Granted

 

 

9,670,493

 

(1)

 

5.49

 

 

 

—

 

 

 

—

 

Exercised

 

 

(90,784

)

 

 

2.77

 

 

 

—

 

 

 

—

 

Cancelled or forfeited

 

 

(1,856,558

)

 

 

10.50

 

 

 

—

 

 

 

—

 

Outstanding as of June 30, 2022

 

 

34,410,771

 

(2)

$

6.28

 

 

 

5.80

 

 

$

20,402

 

Options exercisable as of June 30, 2022

 

 

13,375,570

 

 

$

4.03

 

 

 

3.46

 

 

$

18,236

 

 

(1)
Includes (a) 7,930,027 stock options that will vest over a four-year service period, (b) 754,910 stock options that will vest immediately upon the satisfaction of specified performance-based vesting conditions, which were not considered probable of achievement as of June 30, 2022, (c) 601,556 stock options that partially vest on date of grant, then over a three-year service period and upon the satisfaction of specified performance-based vesting conditions, which were not considered probable of achievement as of June 30, 2022, and (d) 384,000 stock options that will vest on the one-year anniversary of the date of grant.
(2)
The 21,035,201 outstanding unvested stock options balance includes (a) 16,203,479 that will continue to vest over a one to four-year service period, (b) 2,908,034 that will continue to vest over a three to four-year service period and upon the satisfaction of specified performance-based vesting conditions, (c) 200,000 stock options that will continue to vest over a two-year service period and upon the satisfaction of specified market-based conditions tied to price of the Company's publicly traded shares, (d) 754,910 stock options that will vest immediately upon the satisfaction of specified performance-based vesting conditions, which were not considered probable of achievement as of June 30, 2022, (e) 584,778 stock options that will continue to vest over a three-year service period and upon the satisfaction of specified performance-based vesting conditions, which were not considered probable of achievement as of June 30, 2022, and (f) 384,000 stock options that will vest on the one-year anniversary of the date of grant.
Summary of Employee Stock Ownership Plan (ESOP) Disclosures

The following is a summary of stock option activity for from December 31, 2021 to June 30, 2022:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2021

 

 

7,046,496

 

 

 

6.64

 

 

 

14.01

 

 

$

6,961

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cancelled or forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding as of June 30, 2022

 

 

7,046,496

 

 

$

6.64

 

 

 

13.51

 

 

$

—

 

Options exercisable as of June 30, 2022

 

 

5,537,474

 

 

$

6.64

 

 

 

13.51

 

 

 

 

 
Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the total stock-based compensation expense by function for the three months ended June 30, 2022, which includes expense related to stock options and restricted stock awards (in thousands):

 

 

 

Three Months Ended June 30, 2022

 

 

 

Atai
ESOP

 

 

Atai
HSOP

 

 

Other Subsidiaries
Equity Plan

 

 

Total

 

Research and development

 

$

3,717

 

 

$

—

 

 

$

149

 

 

$

3,866

 

General and administrative

 

 

4,395

 

 

 

1,176

 

 

 

74

 

 

$

5,645

 

Total share based compensation expense

 

$

8,112

 

 

$

1,176

 

 

$

223

 

 

$

9,511

 

 

The following table summarizes the total stock-based compensation expense by function for the three months ended June 30, 2021, which includes expense related to stock options and restricted stock awards (in thousands):

 

 

 

Three Months Ended June 30, 2021

 

 

 

Atai
ESOP

 

 

Atai
HSOP

 

 

Other Subsidiaries
Equity Plan

 

 

Total

 

Research and development

 

$

8,698

 

 

$

—

 

 

$

161

 

 

$

8,859

 

General and administrative

 

 

11,940

 

 

 

16,650

 

 

 

63

 

 

$

28,653

 

Total share based compensation expense

 

$

20,638

 

 

$

16,650

 

 

$

224

 

 

$

37,512

 

 

The following table summarizes the total stock-based compensation expense by function for the six months ended June 30, 2022, which includes expense related to stock options and restricted stock awards (in thousands):

 

 

 

Six Months Ended June 30, 2022

 

 

 

Atai
ESOP

 

 

Atai
HSOP

 

 

Other Subsidiaries Equity Plan

 

 

Total

 

Research and development

 

$

7,344

 

 

$

—

 

 

$

296

 

 

$

7,640

 

General and administrative

 

 

9,402

 

 

 

2,526

 

 

 

152

 

 

$

12,080

 

Total share based compensation expense

 

$

16,746

 

 

$

2,526

 

 

$

448

 

 

$

19,720

 

 

The following table summarizes the total stock-based compensation expense by function for the six months ended June 30, 2021, which includes expense related to stock options and restricted stock awards (in thousands):

 

 

 

Six Months Ended June 30, 2021

 

 

 

Atai
ESOP

 

 

Atai
HSOP

 

 

Other Subsidiaries Equity Plan

 

 

Total

 

Research and development

 

$

8,698

 

 

$

—

 

 

$

310

 

 

$

9,008

 

General and administrative

 

 

11,940

 

 

 

16,650

 

 

 

125

 

 

$

28,715

 

Total share based compensation expense

 

$

20,638

 

 

$

16,650

 

 

$

435

 

 

$

37,723

 
Two Thousand And Twenty Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company estimated the fair value of each stock option using the Black-Scholes option-pricing model on the date of grant. During the six months ended June 30, 2022, the assumptions used in the Black-Scholes option pricing model were as follows:

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Weighted average expected term in years

 

 

5.93

 

 

 

3.64

 

Weighted average expected stock price volatility

 

70.5%

 

 

81.2%

 

Risk-free interest rate

 

1.46% - 3.03%

 

 

(0.76%) - 1.27%

 

Expected dividend yield

 

0%

 

 

0%