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Stock Option and Grant Plan (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of option activity for the nine months ended September 30, 2022, is as follows:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2021

 

 

5,339,011

 

 

$

5.54

 

 

 

8.7

 

 

$

15,627

 

Granted

 

 

3,968,720

 

 

$

19.22

 

 

 

 

 

 

 

Exercised

 

 

(669,040

)

 

$

0.37

 

 

 

 

 

$

5,961

 

Cancelled or forfeited

 

 

(63,242

)

 

$

13.28

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

8,575,449

 

 

$

12.22

 

 

 

8.4

 

 

$

137,204

 

Options exercisable as of September 30, 2022

 

 

1,792,734

 

 

$

5.13

 

 

 

7.0

 

 

$

41,265

 

Options unvested as of September 30, 2022

 

 

6,782,715

 

 

$

14.10

 

 

 

8.8

 

 

$

95,939

 

Weighted average grant-date fair value of options granted
   during the period

 

$

14.32

 

 

 

 

 

 

 

 

 

 

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the nine months ended September 30, 2022, is as follows:

 

 

 

Number of shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested as of December 31, 2021

 

 

 

 

$

 

Granted

 

 

693,613

 

 

$

18.62

 

Vested

 

 

 

 

$

 

Forfeited

 

 

(5,700

)

 

$

21.59

 

Nonvested as of September 30, 2022

 

 

687,913

 

 

$

18.60

 

Summary of Stock-Based Compensation Stock-based compensation expense recorded in the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021, is as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development

 

$

1,416

 

 

$

187

 

 

$

4,001

 

 

$

578

 

Selling, general and administrative

 

 

4,108

 

 

 

615

 

 

 

11,622

 

 

 

1,467

 

Total stock-based compensation expense

 

$

5,524

 

 

$

802

 

 

$

15,623

 

 

$

2,045

 

Summary of Stock-Based Compensation by Type of Award

The following table summarizes stock-based compensation by type of award:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Stock options

 

$

4,748

 

 

$

802

 

 

$

13,611

 

 

$

2,045

 

Restricted stock units

 

 

776

 

 

 

 

 

 

2,012

 

 

 

 

Total stock-based compensation expense

 

$

5,524

 

 

$

802

 

 

$

15,623

 

 

$

2,045

 

Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period

The following table summarizes unrecognized stock-based compensation expense as of September 30, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.

 

 

 

As of September 30, 2022

 

 

 

Unrecognized Expense

 

 

Weighted-average Recognition Period

 

 

 

(in thousands)

 

 

(in years)

 

Stock options

 

$

59,563

 

 

 

3.13

 

Restricted stock units

 

$

10,781

 

 

 

3.38