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Stock-Based Compensation (Tables) | 9 Months Ended
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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 Plan |  | 2021 Plan |  | Inducement Awards |  | Total
Granted and outstanding awards: |  |  |  |  |  |  |  |
Options |  | 1,315,326 |  |  | 32,151 |  |  | 665,020 |  |  | 2,012,497 |
Restricted stock units |  | 1,609,260 |  |  | 2,804,026 |  |  | 616,638 |  |  | 5,029,924 |
Total |  | 2,924,586 |  |  | 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Research and development | $ | 6,221 |  |  | $ | 8,982 |  |  | $ | 21,634 |  |  | $ | 26,129 |
General and administrative | 8,490 |  |  | 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:
| Shares |  | Weighted- 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/A |  | 3.69%
Expected volatility(3) | N/A |  | 86.4%
Expected term (in years)(4) | N/A |  | 6.25
Weighted average grant date fair value per share of options granted | N/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 |
Granted | 1,876,825 |  | 30.67 |
Vested | (927,766) |  | 53.16 |
Forfeited | (160,775) |  | 41.75 |
Outstanding at June 30, 2024 | 5,029,924 |  | $ | 49.58 |

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