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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Stock-Based Compensation |
Stock-Based Compensation | (8) Stock-Based Compensation ​ A summary of stock option activity for the nine months ended September 30, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted
​ | ​ | ​ | ​ | Average | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | Remaining
​ | ​ | ​ | ​ | Price | ​ | Contractual
​ |  | Shares |  | Per Share |  | Term (In Years)
Options outstanding at December 31, 2021 |  | 4,077,667 | ​ | $ | 30.02 | ​ | 8.0
Granted |  | 1,584,900 | ​ | $ | 22.89 | ​ | ​
Exercised |  | (353,622) | ​ | $ | 6.71 | ​ | ​
Canceled |  | (118,974) | ​ | $ | 50.12 | ​ | ​
Options outstanding at September 30, 2022 |  | 5,189,971 | ​ | $ | 28.97 | ​ | 8.07
Options vested and expected to vest at September 30, 2022 |  | 5,031,072 | ​ | $ | 29.21 | ​ | 8.05
Options exercisable at September 30, 2022 |  | 1,985,506 | ​ | $ | 41.56 | ​ | 6.74
Shares available for grant under the 2021 Plan |  | 1,838,291 | ​ | ​ | ​ | ​ | ​
​ The weighted average grant-date fair value of stock options granted during the three and nine months ended September 30, 2022 was $25.38 and $17.36, respectively. ​ The aggregate intrinsic value of stock options vested and expected to vest at September 30, 2022 was $45.6 million. The aggregate intrinsic value of stock options exercisable at September 30, 2022 was $23.6 million. As of September 30, 2022, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $46.7 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.8 years. ​ Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 was recorded as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (In thousands) | ​ | (In thousands)
Research and development | ​ | $ | 2,342 | ​ | $ | 1,504 | ​ | $ | 5,754 | ​ | $ | 2,927
General and administrative | ​ |  | 2,154 | ​ |  | 1,525 | ​ |  | 5,349 | ​ |  | 2,886
Total stock-based compensation expense | ​ | $ | 4,496 | ​ | $ | 3,029 | ​ | $ | 11,103 | ​ | $ | 5,813
​ The fair values of employee, consultant and non-employee director stock options granted during the three and nine months ended September 30, 2022 and 2021 were valued using the Black-Scholes option pricing model with the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Expected stock price volatility |  | 91% | ​ | 98% | ​ | 90 – 97% | ​ | 97 – 98%
Expected option term |  | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years
Risk-free interest rate |  | 2.9 – 3.5% | ​ | 1.1 – 1.2% | ​ | 1.7 – 3.6% | ​ | 0.8 – 1.3%
Expected dividend yield |  | None | ​ | None | ​ | None | ​ | None
​

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