v3.23.1

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2023:

			Stock Option Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (in Years)						Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2023			2,990,423						$	19.28					8.59						$	2,849
Granted			1,261,506						9.60
Exercised			(1,983)						4.45
Expired/cancelled			(403,581)						20.20
Outstanding as of March 31, 2023			3,846,365						$	16.51					8.73						$	1,259
Options exercisable as of March 31, 2023			851,373						$	18.56					6.81						$	1,127
Vested and expected to vest as of March 31, 2023			3,846,365						$	16.51					8.73						$	1,259

Summary of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):

			Three Months Ended March 31,
			2023						2022
Selling, general and administrative			$	1,640					$	1,101
Research and development			1,100						680
Total			$	2,740					$	1,781

Stock Options Valuation Assumptions

The calculation was based on the following assumptions:

			Three Months Ended March 31,
			2023						2022
Weighted average grant date fair value (per share)			$8.57						$14.80
Risk-free interest rate			3.42% - 4.17%						1.46% - 1.76%
Expected volatility			89.94% - 95.72%						85.99% - 86.25%
Expected term (in years)			5.8 - 6.1						6.1
Expected dividend yield			—						—

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- References

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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