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Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Stock-based Compensation

Stock-based Compensation

9. Stock-based Compensation

​

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):

​	​	​	​	​	​	​
​		​	​		​	​
​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
​	​	2022		​	2021
Research and development	​	$	3,695	​	$	3,966
General and administrative	​		7,736	​		8,238
Total stock-based compensation expense	​	$	11,431	​	$	12,204

​

Restricted Stock and Restricted Stock Unit Awards

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The following is a summary of restricted stock and restricted stock unit awards activity for the three months ended March 31, 2022:

​	​	​	​	​	​
​		​		Weighted
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	​	​	Fair Value
​	​	Shares	​	Per Share
Unvested restricted stock and restricted stock unit awards as of December 31, 2021		628,732	​	$	41.28
Issued		815,627	​	$	17.30
Vested		(154,834)	​	$	52.88
Forfeited	​	(56,307)	​	$	33.23
Unvested restricted stock and restricted stock unit awards as of March 31, 2022		1,233,218	​	$	24.33

​

The restricted stock and restricted stock units granted in the three months ended March 31, 2022 include 259,367 units granted to certain employees that contain performance-based vesting provisions. The Company recognizes the fair value of the performance-based units through the expected achievement date if the performance-based vesting provisions are deemed probable.

​

As of March 31, 2022, total unrecognized compensation expense related to unvested restricted stock and restricted stock unit awards was $19.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.9 years.

​

Stock Options

​

The following is a summary of stock option activity for the three months ended March 31, 2022:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		Weighted Average			Remaining		Aggregate Intrinsic
​	​	Shares	​	Exercise Price		​	Contractual Life (years)	​	Value (in thousands)
Outstanding at December 31, 2021		3,016,085	​	$	34.24	​	7.5	​	$	5,052,469
Granted	​	1,136,614	​	$	17.29	​	​	​	​	​
Exercised	​	(12,573)	​	$	17.31	​	​	​	​	​
Cancelled	​	(220,043)	​	$	30.30	​	​	​	​	​
Outstanding at March 31, 2022		3,920,083	​	$	29.60	​	7.9	​	$	3,954,769
Exercisable at March 31, 2022		1,483,822	​	$	29.34	​	6.5	​	$	2,023,433

​

As of March 31, 2022, total unrecognized compensation expense related to stock options was $34.4 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years.

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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- References

No definition available.

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