Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.23.3
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.