Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-based compensation |
|
| Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
|
Average |
|
Average |
|
Aggregate |
|
|
|
|
Exercise |
|
Contractual |
|
Intrinsic |
|
|
Number of |
|
Price |
|
Remaining Term |
|
Value |
|
|
shares |
|
Per Share |
|
(in years) |
|
(in thousands) |
Outstanding at January 1, 2023 |
|
|
2,025,542 |
|
$ |
20.24 |
|
|
6.10 |
|
$ |
10,804 |
Granted |
|
|
796,802 |
|
|
23.50 |
|
|
|
|
|
|
Exercised |
|
|
(8,473) |
|
|
18.29 |
|
|
|
|
|
|
Forfeited, expired or cancelled |
|
|
(71,303) |
|
|
36.51 |
|
|
|
|
|
|
Outstanding at September 30, 2023 |
|
|
2,742,568 |
|
$ |
20.77 |
|
|
6.51 |
|
$ |
6,799 |
Exercisable at September 30, 2023 |
|
|
1,887,253 |
|
$ |
19.45 |
|
|
5.32 |
|
$ |
6,799 |
|
| Schedule of grant date fair value per PSU issued |
The range of grant date fair values of the PSUs issued in May 2023 were estimated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derived |
Hurdle Price |
|
Number of |
|
Fair Value |
|
Service Period |
Per Share |
|
PSUs |
|
Per Share |
|
(in years) |
$ |
30.00 |
|
|
232,956 |
|
$ |
16.36-17.45 |
|
|
0.69-0.76 |
$ |
35.00 |
|
|
87,708 |
|
$ |
15.03-16.07 |
|
|
0.93-0.99 |
$ |
40.00 |
|
|
57,851 |
|
$ |
13.82-14.84 |
|
|
1.12-1.18 |
$ |
45.00 |
|
|
51,885 |
|
$ |
12.75-13.72 |
|
|
1.27-1.33 |
|
|
|
|
430,400 |
|
|
|
|
|
|
|
| Schedule of performance shares, outstanding activity |
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Average |
|
|
|
|
|
Grant Date |
|
|
Number of |
|
Fair Value |
|
|
Unvested PSUs |
|
Per Share |
Unvested balance at January 1, 2023 |
|
|
— |
|
$ |
— |
Granted |
|
|
430,400 |
|
|
15.61 |
Vested |
|
|
— |
|
|
— |
Forfeited |
|
|
— |
|
|
— |
Unvested balance at September 30, 2023 |
|
|
430,400 |
|
$ |
15.61 |
|
| Summary of stock-based compensation expense |
All stock-based compensation expense is recorded in G&A expense. The following table shows total stock-based compensation expense for stock options and PSUs issued under the 2010 Plan, the Stock Option Inducement Awards and ESPP in the condensed consolidated statements of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Total stock-based compensation expense included in G&A |
|
$ |
2,717 |
|
$ |
806 |
|
$ |
6,450 |
|
$ |
2,620 |
|
| 2010 Plan |
|
| Share-based compensation |
|
| Schedule of valuation assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 (1) |
|
2022 (1) |
|
|
2023 |
|
2022 |
|
Dividend yield |
|
— |
|
— |
|
|
0 |
% |
0 |
% |
Expected volatility |
|
— |
|
— |
|
|
70 |
% |
70 |
% |
Risk-free interest rate |
|
— |
|
— |
|
|
3.60 |
% |
2.17 |
% |
Expected term |
|
— |
|
— |
|
|
5.79 years |
|
5.65 years |
|
|
(1) |
No stock options were granted under the 2010 Plan during the three months ended September 30, 2023 and 2022.
|
|
| Stock Option Inducement Award, Exercise price of $18.66 per share |
|
| Share-based compensation |
|
| Schedule of valuation assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 (1) |
|
2022 (1) |
|
|
2023 |
|
2022(1) |
|
Dividend yield |
|
— |
|
— |
|
|
0 |
% |
— |
|
Expected volatility |
|
— |
|
— |
|
|
69 |
% |
— |
|
Risk-free interest rate |
|
— |
|
— |
|
|
3.92 |
% |
— |
|
Expected term |
|
— |
|
— |
|
|
5.79 years |
|
— |
|
|
(1) |
No Stock Option Inducement Awards were granted during the three months ended September 30, 2023 or the three and nine months ended September 30, 2022.
|
|
| Stock Option Inducement Award, Exercise price of $30.00 per share |
|
| Share-based compensation |
|
| Schedule of valuation assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 (1) |
|
2022 (1) |
|
|
2023 |
|
2022(1) |
|
Dividend yield |
|
— |
|
— |
|
|
0 |
% |
— |
|
Expected volatility |
|
— |
|
— |
|
|
91 |
% |
— |
|
Risk-free interest rate |
|
— |
|
— |
|
|
3.86 |
% |
— |
|
Expected term |
|
— |
|
— |
|
|
8.01 years |
|
— |
|
|
(1) |
No Stock Option Inducement Awards were granted during the three months ended September 30, 2023 or the three and nine months ended September 30, 2022.
|
|