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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Shares of Common Stock Available for Issuance | Shares of common stock available for issuance under the Company’s equity incentive plans at September 30, 2020 and December 31, 2019 were as follows:
|  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Reserved for issuance upon exercise of options outstanding under the 2011 Plan |  |  | 3,548,764 |  |  |  | 4,474,057 |
Reserved for issuance upon exercise or settlement of awards outstanding under the 2019 Plan |  |  | 2,239,610 |  |  |  | 377,378 |
Reserved and available for issuance under the 2019 Plan (1) |  |  | 2,200,594 |  |  |  | 2,392,343 |
Reserved for issuance upon exercise or settlement of awards outstanding under the Inducement Plan |  |  | 199,300 |  |  |  | — |
Reserved and available for issuance under the Inducement Plan |  |  | 800,700 |  |  |  | — |
Reserved and available for issuance under the ESPP (2) |  |  | 413,266 |  |  |  | 172,316 |
Total number of shares reserved |  |  | 9,402,234 |  |  |  | 7,416,094 |
(1) September 30, 2020 balance includes share increase added January 1, 2020 pursuant to the “evergreen” provision in the amount of 1,562,151 shares |
(2) September 30, 2020 balance includes share increase added January 1, 2020 pursuant to the “evergreen” provision in the amount of 312,430 shares |
Summary of Stock Option Activity | A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) under the 2011 Plan, 2019 Plan, and Inducement Plan for the nine months ended September 30, 2020 is as follows:
|  | Outstanding Options |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Balance—December 31, 2019 |  |  | 4,731,435 |  |  | $ | 4.94 |  |  |  | 6.60 |  |  | $ | 29,730 |
Options granted |  |  | 1,157,641 |  |  |  | 9.21 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (740,630 | ) |  |  | 3.09 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (228,982 | ) |  |  | 7.86 |  |  |  |  |  |  |  |  |
Balance—September 30, 2020 |  |  | 4,919,464 |  |  | $ | 6.09 |  |  |  | 6.74 |  |  | $ | 76,681 |
Options vested and exercisable as of September 30, 2020 |  |  | 2,793,499 |  |  | $ | 3.92 |  |  |  | 5.14 |  |  | $ | 49,591 |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Expected term (in years) |  | 5.77 - 6.08 |  | 6.00 - 6.08 |  | 5.50 - 6.08 |  | 5.00 - 6.87
Volatility |  | 67.78 - 68.15% |  | 62.28 - 63.08% |  | 61.74 - 68.18% |  | 56.20 - 63.08%
Risk-free interest rate |  | 0.37 - 0.39% |  | 1.53 - 1.73% |  | 0.36 - 1.66% |  | 1.53 - 2.52%
Dividend yield |  | –% |  | –% |  | –% |  | –%
Summary of Restricted Stock Units Activity | A summary of the Company’s RSU activity under the 2019 Plan and Inducement Plan for the nine months ended September 30, 2020 is as follows:
|  | Unvested Restricted Stock Units |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |  |  | Aggregate Fair Value |
Balance—December 31, 2019 |  |  | 120,000 |  |  | $ | 8.86 |  |  | $ | 1,308 |
RSUs granted |  |  | 619,990 |  |  |  | 9.08 |  |  |  |  |
RSUs vested |  |  | (76,331 | ) |  |  | 6.37 |  |  |  | 1,287 |
RSUs cancelled |  |  | (16,449 | ) |  |  | 6.50 |  |  |  |  |
Balance—September 30, 2020 |  |  | 647,210 |  |  | $ | 9.42 |  |  | $ | 14,025 |
Stock Based Compensation Expense by Award Type and Function | The following is a summary of stock-based compensation expense by award type (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Stock options |  | $ | 957 |  |  | $ | 1,190 |  |  | $ | 3,219 |  |  | $ | 3,165 |
Performance-based stock options |  |  | 77 |  |  |  | — |  |  |  | 166 |  |  |  | 280 |
RSUs |  |  | 462 |  |  |  | — |  |  |  | 885 |  |  |  | — |
ESPP |  |  | 194 |  |  |  | 212 |  |  |  | 491 |  |  |  | 212 |
Total stock-based compensation expense |  | $ | 1,690 |  |  | $ | 1,402 |  |  | $ | 4,761 |  |  | $ | 3,657 |
The following is a summary of stock-based compensation expense by function (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Costs of revenues |  | $ | 254 |  |  | $ | 149 |  |  | $ | 606 |  |  | $ | 339 |
Research and development |  |  | 511 |  |  |  | 290 |  |  |  | 1,164 |  |  |  | 647 |
Selling, general and administrative |  |  | 925 |  |  |  | 963 |  |  |  | 2,991 |  |  |  | 2,671 |
Total stock-based compensation expense |  | $ | 1,690 |  |  | $ | 1,402 |  |  | $ | 4,761 |  |  | $ | 3,657 |
Performance-Based Stock Option | 2019 Plan |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Stock Option Activity | A summary of the Company’s performance-based stock option activity under the 2019 Plan for the nine months ended September 30, 2020 is as follows:
|  | Outstanding Performance-Based Options |
(in thousands, except share and per share data) |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Balance—December 31, 2019 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Options granted |  |  | 421,000 |  |  |  | 5.10 |  |  |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Options cancelled |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Balance—September 30, 2020 |  |  | 421,000 |  |  | $ | 5.10 |  |  |  | 9.46 |  |  | $ | 6,976 |
Options vested and exercisable as of September 30, 2020 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options | The Company estimated the fair value of the PSO using a Monte Carlo Model and the following assumptions and estimates:
|  | 2020 |
Performance period (in years) |  |  | 10.00 |
Derived service period (in years) |  |  | 4.55 |
Volatility |  | 63.60% |
Risk-free interest rate |  | 1.02% |
Dividend yield |  | –% |
Estimated fair value (per share) |  | $ | 3.31 |

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