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Stock-Based Compensation (Tables)
9 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Awards Outstanding
The following table presents a summary of awards outstanding:
As of June 30, 2024
2013 Plan2021 PlanInducement AwardsTotal
Granted and outstanding awards:
Options1,315,326 32,151 665,020 2,012,497 
Restricted stock units1,609,260 2,804,026 616,638 5,029,924 
Total2,924,586 2,836,177 1,281,658 7,042,421 
Share-Based Payment Arrangement, Expensed
The following table summarizes stock-based compensation expenses included in operating expenses:
Three Months Ended June 30,Nine Months Ended June 30,
2024202320242023
Research and development$6,221 $8,982 $21,634 $26,129 
General and administrative8,490 10,965 27,350 33,820 
Total$14,711 $19,947 $48,984 $59,949 
Summarized Information about Stock Options
The following table presents a summary of the stock option activity for the nine months ended June 30, 2024:
SharesWeighted-
Average
Exercise
Price
Per Share
Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding at September 30, 2023
2,263,477$22.68 
Granted— 
Cancelled or expired(53,582)36.62 
Exercised(197,398)10.98 
Outstanding at June 30, 2024
2,012,497$23.22 3.8$22,486,304 
Exercisable at June 30, 2024
2,001,968$23.05 3.8$22,486,304 
Assumptions Used to Value Stock Options
The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model:
Nine Months Ended June 30,
2024(5)
2023
Expected dividend yield(1)
N/A
Risk-free interest rate(2)
N/A3.69%
Expected volatility(3)
N/A86.4%
Expected term (in years)(4)
N/A6.25
Weighted average grant date fair value per share of options grantedN/A$24.80
(1) The dividend yield is zero as the Company currently does not pay a dividend.
(2) The risk-free interest rate is based on that of the U.S. Treasury yields with equivalent terms in effect at the time of the grant.
(3) Volatility is estimated based on volatility average of the Company’s common stock price.
(4) The computation of expected term was determined based on safe harbor rules, considering the contractual terms of the awards and vesting schedules.
(5) No options were granted during the nine months ended June 30, 2024.
Summary of Share Activity Related to RSUs
The following table summarizes the activity of the Company’s RSUs:
Number of
RSUs
Weighted-
Average
Grant
Date
Fair Value
Per Share
Outstanding at September 30, 2023
4,241,640$58.43 
Granted1,876,82530.67 
Vested(927,766)53.16 
Forfeited(160,775)41.75 
Outstanding at June 30, 2024
5,029,924$49.58