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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Employee | $ | 4,215 |  |  | $ | 4,151 |  |  | $ | 11,977 |  |  | $ | 10,942 |
Nonemployee |  | 918 |  |  |  | 400 |  |  |  | 2,684 |  |  |  | 1,137 |
| $ | 5,133 |  |  | $ | 4,551 |  |  | $ | 14,661 |  |  | $ | 12,079 |
Schedule of Stock-Based Compensation Expense | Share-based compensation expense is included in the following line items in the condensed consolidated statements of operations (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development | $ | 2,069 |  |  | $ | 2,563 |  |  | $ | 6,227 |  |  | $ | 6,916 |
General and administrative |  | 3,064 |  |  |  | 1,988 |  |  |  | 8,434 |  |  |  | 5,163 |
| $ | 5,133 |  |  | $ | 4,551 |  |  | $ | 14,661 |  |  | $ | 12,079 |
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model | The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2022 |
Estimated dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average expected stock price volatility |  |  | 80.34 | % |  |  | 79.25 | %
Weighted-average risk-free interest rate |  |  | 3.11 | % |  |  | 2.42 | %
Expected term of options (in years) |  |  | 6.06 |  |  |  | 6.08 |
Weighted-average fair value per option |  | $ | 1.09 |  |  | $ | 1.94 |
Summary of Activity of Option Plans | The following table summarizes activity in the Company’s stock option plans for the nine months ended September 30, 2022:
|  | Outstanding Option Shares |  |  | Weighted-Average Exercise Price |
Balance as of January 1, 2022 |  |  | 9,920,314 |  |  | $ | 9.28 |
Granted |  |  | 6,191,412 |  |  |  | 2.80 |
Exercised |  |  | (330,359 | ) |  |  | 1.17 |
Forfeited/canceled |  |  | (1,971,964 | ) |  |  | 9.65 |
Balance as of September 30, 2022 |  |  | 13,809,403 |  |  | $ | 6.52 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2022:
|  | RSU Awards |  |  | Weighted-Average Grant Date Fair Value |
Unvested RSUs as of January 1, 2022 |  |  | 773,503 |  |  |  | 11.29 |
Granted |  |  | 1,826,307 |  |  | $ | 3.64 |
Forfeited |  |  | (175,781 | ) |  |  | 7.19 |
Vested |  |  | (264,115 | ) |  |  | 11.34 |
Unvested RSUs as of September 30, 2022 |  |  | 2,159,914 |  |  | $ | 5.15 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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