With respect to 2017, our board of directors awarded bonuses of $114,000 and $81,081 to Mr. Raythatha
and Dr. Senderowicz, respectively. Because she joined us in October 2017, Ms. Reeve did not receive an annual bonus for 2017. With respect to 2018, our board of directors awarded bonuses of $203,000, $142,000 and $142,000 to
Mr. Raythatha, Ms. Reeve, and Dr. Senderowicz, respectively.
Equity Incentives
.
Although we do not have a formal
policy with respect to the grant of equity incentive awards to our executive officers, or any formal equity ownership guidelines applicable to them, we believe that equity grants provide our executives with a strong link to our long-term
performance, create an ownership culture and help to align the interests of our executives and our stockholders. In addition, we believe that equity grants with a time-based vesting feature promote executive retention because this feature incents
our executive officers to remain in our employment during the vesting period. Accordingly, our board of directors periodically reviews the equity incentive compensation of our named executive officers and from time to time may grant equity incentive
awards to them in the form of stock options.
Pursuant to their respective letter agreements with us, we granted an option to purchase 535,925 shares of
our common stock to Mr. Raythatha in July 2017, an option to purchase 145,335 shares of our common stock to Ms. Reeve in December 2017 and an option to purchase 217,995 shares of our common stock to Dr. Senderowicz in July 2017, in
each case in connection with the commencement of his or her employment with us. In March 2018, we granted options to purchase 141,929, 37,696 and 37,696 shares of our common stock to Mr. Raythatha, Ms. Reeve and Dr. Senderowicz,
respectively, and in April 2018, we granted additional options to purchase 141,929, 37,696 and 37,696 shares of our common stock to Mr. Raythatha, Ms. Reeve and Dr. Senderowicz, respectively. Our board of directors has also granted
options to purchase 306,938, 46,811 and 19,075 shares of our common stock to Mr. Raythatha, Ms. Reeve and Dr. Senderowicz, respectively, effective upon the commencement of trading of our common stock on the Nasdaq Stock Market in July
2018. In March 2019, we granted additional options to purchase 245,000, 85,500, and 93,000 shares of our common stock to Mr. Raythatha, Ms. Reeve and Dr. Senderowicz, respectively. The options granted in March 2018, April 2018, July
2018 and March 2019 vest in equal quarterly installments over a term of four years from the date of grant. The option to purchase 217,995 shares of common stock granted to Dr. Senderowicz vest with respect to 72,660 of the shares on
July 10, 2023, subject to continued service and subject to accelerated vesting as follows: 4,542 shares upon the satisfaction of an objective clinical milestone, 4,542 shares upon the satisfaction of an objective clinical milestone, 9,083
shares upon the satisfaction of an objective clinical milestone, 27,250 shares upon the satisfaction of an objective clinical or regulatory milestone and 27,250 shares upon the satisfaction of an objective clinical or regulatory milestone. If and
when one or more of these performance milestones is achieved, the number of shares associated with such milestone will convert to time-based vesting from July 10, 2017 and 6.25% of such shares will vest quarterly thereafter, subject to
continued service. In June 2018, our board of directors approved an amendment to Dr. Senderowiczs option such that following the commencement of trading of our common stock on the Nasdaq Stock Market on July 19, 2018, 63,580 shares
of common stock began vesting as to 6.25% of such shares quarterly until July 19, 2022. The remaining 9,080 shares will continue to vest as described above because the clinical milestones were achieved.
Prior to our initial public offering in July 2018, our executives were eligible to participate in our 2008 Stock Incentive Plan, as amended and restated to
date, or the 2008 Plan. During 2017 and 2018 prior to our initial public offering, all stock options were granted pursuant to the 2008 Plan. Following our initial public offering in July 2018, our employees and executives are eligible to receive
stock options and other stock-based awards pursuant to our 2018 Equity Incentive Plan, or the 2018 Plan.
We use stock options to compensate our executive
officers in the form of initial grants in connection with the commencement of employment and also at various times, often but not necessarily annually, if we have performed as expected or better than expected. The awards of stock options to our
executive officers are made by our board of directors or compensation committee. None of our executive officers is currently party to an employment agreement that provides for automatic award of stock options. We have granted stock options to our
executive officers with time-based vesting. The new hire options that we have granted to our executive officers
20