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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans (in thousands, except share data and price per share):

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2021

 

 

1,422,195

 

 

$

5.28

 

 

$

 

Options granted

 

 

1,320,322

 

 

 

1.11

 

 

 

297.00

 

Options exercised

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(266,347

)

 

 

2.29

 

 

 

 

Options expired

 

 

(74,436

)

 

 

6.04

 

 

 

 

Outstanding — Balance at September 30, 2022

 

 

2,401,734

 

 

$

3.29

 

 

 

 

Vested and expected to vest — September 30, 2022

 

 

2,115,782

 

 

$

3.55

 

 

 

 

Exercisable — September 30, 2022

 

 

873,633

 

 

$

6.59

 

 

$

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Expected term (years)

 

 

5.69

 

 

 

6.08

 

 

 

6.41

 

 

 

6.34

 

Expected volatility

 

 

122

%

 

 

121

%

 

 

122

%

 

 

122

%

Risk-free interest rate

 

 

2.99

%

 

 

0.97

%

 

 

2.59

%

 

 

0.83

%

Dividend yield