Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
3 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of the stock option activity under the Company’s equity incentive plans is as follows:

  Number of
options
Weighted-
Average
Exercise Price
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic Value
(in thousands)
Balance - March 31, 2021 7,988,999  $ 16.97  9.04 $ 25,958 
Granted 431,980  10.98 
Forfeited (1,708,790) 27.10 
Balance - June 30, 2021 6,712,189  $ 14.01  8.52 $ 8,142 
Exercisable - June 30, 2021 2,130,872  $ 10.50  8.00 $ 4,265 
Schedule of Fair Value Assumptions
The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

  Three Months Ended June 30,
  2021 2020
Risk-free interest rate
0.94% - 1.07%
0.39% - 0.44%
Expected term, in years
6.03 - 6.11
5.56 - 6.11
Expected volatility
82.92% - 84.33%
78.16% - 80.14%
Expected dividend yield —% —%
Schedule of Restricted Stock Unit Awards Activity
A summary of RSUs activity under the Company’s equity incentive plans is as follows:
Number of RSUs Weighted- Average Grant Date Fair Value
Outstanding as of March 31, 2021
1,095,676  $ 20.43 
Issued 152,474  11.53 
Vested and settled (6,352) 24.86 
Forfeited (309,875) 20.90 
Outstanding as of June 30, 2021 931,923  $ 18.78 
Summary of Stock-based Compensation Expense
For the three months ended June 30, 2021 and 2020, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):
  Three Months Ended June 30,
  2021 2020
Research and development expenses $ 37  $ 419 
General and administrative expenses 3,783  3,499 
Total stock-based compensation $ 3,820  $ 3,918