Subsequent Events |
9 Months Ended |
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Sep. 30, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On November 4, 2022, the Company held a special meeting to approve a one-time repricing of 1,159,479 of its outstanding common stock option awards previously granted to certain service providers under the 2015 Equity Incentive Plan (the “Option Repricing”). The repricing only affects stock options held by “service providers” as defined under the 2015 Plan (“Eligible Participants”) other than (x) any current or former member of the Company’s board of directors, (y) any of the Company’s current or former Chief Executive Officers and (z) former employees or other service providers. Prior to the Option Repricing, these awards had per share exercise prices between $9.04 and $19.60; the Option Repricing reduced the exercise price of these awards to $7.00 per share. All other terms of the awards remained the same. This repricing is expected to result in incremental stock-based compensation expense of approximately $1.1 million to be recognized over the weighted average remaining vesting period of 2.5 years. Of this, approximately $0.4 million is expected to be recognized throughout the remainder of 2022.
In October 2022, the Company moved $75.0 million of cash into an investment portfolio, which was then used to purchase marketable securities. The investments comprise certificates of deposit, commercial paper, treasury securities, and governmental money market funds and have maturities ranging from to twelve months and estimated yields to maturity ranging from 2.0% - 4.8% (annualized). Per the Company's treasury and investment policy, these investments are classified as available-for-sale securities.
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