XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Stock-Based Compensation Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the quarters ended March 31, 2024 and 2023, respectively, for the 2019 Plan:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 6,196,140 |  |  | $ | 7.15 |  |  |  |  |
Granted | 4,175,349 |  |  | $ | 1.21 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Repricing Modification | — |  |  | $ | 9.55 |  |  |  |  |
Forfeited or expired | (53,166) |  |  | $ | 5.25 |  |  |  |  |
Outstanding as of March 31, 2024 | 10,318,323 |  |  | $ | 1.68 |  |  | 8.64 |  | $ | 462,223 |
Options vested and expected to vest as of March 31, 2024 | 10,318,323 |  |  | $ | 1.68 |  |  | 8.64 |  | $ | 462,223 |
Options exercisable as of March 31, 2024 | 3,224,039 |  |  | $ | 2.21 |  |  | 7.23 |  | $ | 5,500 |
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2023 | 3,791,688 |  |  | $ | 11.33 |  |  |  |  |
Granted | 1,815,314 |  |  | $ | 1.41 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (11,161) |  |  | $ | 13.29 |  |  |  |  |
Outstanding as of March 31, 2023 | 5,595,841 |  |  | $ | 8.11 |  |  | 8.66 |  | $ | 161,428 |
Options vested and expected to vest as of March 31, 2023 | 5,595,841 |  |  | $ | 8.11 |  |  | 8.66 |  | $ | 161,428 |
Options exercisable as of March 31, 2023 | 1,888,367 |  |  | $ | 12.66 |  |  | 7.67 |  | $ | 1,980 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Three Months Ended March 31,
| 2024 | 2023
Risk-free interest rate | 4.05% | 3.97%
Expected dividend yield | 0% | 0%
Expected volatility | 100.0% | 102.0%
Expected term of options (years) | 6.02 | 6.02
Schedule of Stock-based Compensation Expense for Stock Awards Recognized | Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Research and development |  |  |  |  | $ | 1,163,000 |  |  | $ | 903,000 |
General and administrative |  |  |  |  | 1,587,000 |  |  | 1,076,000 |
Total |  |  |  |  | $ | 2,750,000 |  |  | $ | 1,979,000 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration