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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2023
Stock Based Compensation [Abstract] |
Stock Based Compensation |
9. | Stock Based Compensation
Stock Option Valuation The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the stock options granted to employees, non-employees and directors were as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.02 | % |  |  | 1.88 | %
Expected term (in years) |  |  | 5.88 |  |  |  | 5.86 |
Expected volatility |  |  | 73.54 | % |  |  | 74.07 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Exercise price |  | $ | 20.17 |  |  | $ | 17.85 |
Fair value of common stock |  | $ | 20.17 |  |  | $ | 17.85 |
The following table summarizes stock option activity for the three months ended March 31, 2023, under the Second Amended and Restated 2014 Stock Option and Incentive Plan:
|  |  | Weighted |  | Weighted |  |  |
|  |  | Average |  | Average |  | Aggregate |
| Number of |  | Exercise |  | Contractual |  | Intrinsic |
| Shares |  | Price |  | Term (Years) |  | Value |
Outstanding as of December 31, 2022 |  |  | 13,138,870 |  |  | $ | 14.52 |  |  |  | 5.46 |  |  | $ | 118,767 |
Granted |  |  | 1,792,097 |  |  |  | 20.36 |  |  |  | 6.86 |  |  |  |  |
Exercised |  |  | (88,429 | ) |  |  | 12.59 |  |  |  |  |  |  |  | 631 |
Cancelled |  |  | (191,148 | ) |  |  | 33.99 |  |  |  |  |  |  |  |  |
Outstanding as of March 31, 2023 |  |  | 14,651,390 |  |  | $ | 14.99 |  |  |  | 5.85 |  |  | $ | 97,263 |
Options vested and exercisable as of March 31, 2023 |  |  | 10,586,141 |  |  | $ | 12.60 |  |  |  | 4.52 |  |  | $ | 92,808 |
Options unvested as of March 31, 2023 |  |  | 4,065,249 |  |  | $ | 21.24 |  |  |  | 9.32 |  |  | $ | 4,455 |
The weighted average grant-date fair value per share of stock options granted during the three months ended March 31, 2023, and 2022 was $13.50 and $11.60, respectively. The total fair value of options vested during the three months ended March 31, 2023 and 2022 was $11.4 million and $12.5 million, respectively. Restricted Stock Units (“RSU”) The following table summarizes the Company’s RSU activity for the three months ended March 31, 2023:
|  |  | Weighted |
|  |  | Average |
| Number of |  | Grant Date |
| Shares |  | Fair Value |
Unvested as of December 31, 2022 |  |  | 992,874 |  |  | $ | 16.49 |
Granted |  |  | 764,204 |  |  |  | 20.23 |
Vested(1) |  |  | (126,145 | ) |  |  | 17.37 |
Forfeited |  |  | (8,476 | ) |  |  | 17.19 |
Unvested as of March 31, 2023 |  |  | 1,622,457 |  |  | $ | 18.18 |
(1) Common stock issued is net of 85 shares related to taxes. Stock-based Compensation Stock-based compensation expense recognized by award type was as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Stock options |  | $ | 6,985 |  |  | $ | 5,961 |
Restricted stock units |  |  | 1,930 |  |  |  | 309 |
Total stock-based compensation expense |  | $ | 8,915 |  |  | $ | 6,270 |
Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss was as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 3,819 |  |  | $ | 2,318 |
General and administrative |  |  | 5,096 |  |  |  | 3,952 |
Total stock-based compensation expense |  | $ | 8,915 |  |  | $ | 6,270 |
As of March 31, 2023, the Company had an aggregate of $75.4 million of unrecognized stock-based compensation expense related to both stock options and RSU grants, which is expected to be recognized over the weighted average period of 1.52 years.

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