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Share-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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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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