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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of All Option Activity Under 2007 Plan, 2014 Plan, 2020 Plan and Inducement Grants

The following table summarizes all option activity under the 2007 Plan, 2014 Plan, 2020 Plan and inducement grants:

 

 

 

Shares

Issuable

Under Options

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

 

 

 

Outstanding as of January 1, 2020

 

 

91,403

 

 

$

139.96

 

 

 

8.2

 

 

$

 

Granted

 

 

2,191,462

 

 

 

9.15

 

 

 

 

 

 

 

 

 

Options Assumed

 

 

1,346,398

 

 

 

7.58

 

 

 

 

 

 

 

 

 

Forfeited / Canceled

 

 

(7,784

)

 

 

586.16

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2020

 

 

3,621,479

 

 

 

10.63

 

 

 

8.9

 

 

$

 

Granted

 

 

702,836

 

 

 

10.69

 

 

 

 

 

 

 

 

 

Exercised

 

 

(174

)

 

 

4.73

 

 

 

 

 

 

 

 

 

Forfeited / Canceled

 

 

(110,164

)

 

 

19.50

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2021

 

 

4,213,977

 

 

$

10.33

 

 

 

8.4

 

 

$

 

Options vested and expected to vest as of

   December 31, 2021

 

 

4,132,506

 

 

$

10.18

 

 

 

8.2

 

 

$

 

Options exercisable as of December 31, 2021

 

 

1,871,327

 

 

$

11.64

 

 

 

7.8

 

 

$

 

Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted in the periods presented, as follows:

 

 

Year Ended

December 31,

 

 

 

2021

 

 

2020

 

Expected stock price volatility

 

105% - 110%

 

 

74% - 87%

 

Risk-free interest rate

 

1%

 

 

1% - 3%

 

Expected life of option (in years)

 

6.25 - 6.75

 

 

6

 

Estimated dividend yield

 

0%

 

 

0%

 

Summary of RSU Activity

The following table shows the RSU activity, as follows:

 

 

 

Shares

Issuable

Under RSUs

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

 

 

 

Outstanding as of January 1, 2020

 

 

3,056

 

 

$

66.96

 

 

 

9.2

 

 

$

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs Vested

 

 

(3,056

)

 

 

66.96

 

 

 

9.2

 

 

 

 

 

Forfeited / Canceled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

20,000

 

 

 

5.07

 

 

 

9.8

 

 

 

 

 

RSUs Vested

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited / Canceled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2021

 

 

20,000

 

 

$

5.07

 

 

 

9.8

 

 

$

 

RSUs vested and expected to vest as of

   December 31, 2021

 

 

20,000

 

 

$

5.07

 

 

 

9.8

 

 

$

 

RSUs exercisable as of December 31, 2021

 

 

 

 

$

 

 

 

 

 

 

$

 

Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards

Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2021 and 2020 was comprised of the following (in thousands):

 

 

Year Ended

December 31,

 

 

 

2021

 

 

2020

 

Stock-based compensation classified as:

 

 

 

 

 

 

 

 

Research and development expense

 

$

3,166

 

 

$

1,254

 

General and administrative expense

 

 

4,738

 

 

 

1,917

 

Total stock-based compensation expense

 

$

7,904

 

 

$

3,171