XML 28 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Stock-Based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Summary of Stock-based Compensation Expense Recognized | During the three months ended March 31, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):
|  | For the Three Months Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |
Stock-based compensation expense by type of award: |  |  |  |  |  |  |
Stock options |  | $ | 2,429 |  |  | $ | 1,367 |  |
Restricted stock and restricted stock units |  |  | 5,056 |  |  |  | 2,080 |  |
Employee stock purchase plan |  |  | 496 |  |  |  | 122 |  |
Total stock-based compensation expense included in expenses |  | $ | 7,981 |  |  | $ | 3,569 |  |
Stock-based compensation expense by line item: |  |  |  |  |  |  |
Research and development expenses |  | $ | 2,153 |  |  | $ | 928 |  |
General and administrative expenses |  |  | 5,828 |  |  |  | 2,641 |  |
Total stock-based compensation expense included in expenses |  | $ | 7,981 |  |  | $ | 3,569 |  |
Schedule of Unrecognized Stock-based Compensation Expense by Type of Award and Weighted-average Recognition Period | The following table sets forth the Company’s unrecognized stock-based compensation expense by type of award and the weighted-average period over which that expense is expected to be recognized (in thousands, except for years):
|  | As of March 31, 2024 |
|  | Unrecognized Expense, Net of Estimated Forfeitures |  |  | Weighted- average Recognition Period (in years) |
Type of award: |  |  |  |  |  |
Stock options |  | $ | 21,429 |  |  |  | 3.00 |
Restricted stock and restricted stock units |  | $ | 26,018 |  |  |  | 1.89 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2024:
|  | Shares Subject to Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Options outstanding at December 31, 2023 |  |  | 5,248,682 |  |  | $ | 6.79 |  |  |  | 7.10 |  |  |  | 62,210,000 |
Granted |  |  | 1,089,200 |  |  | $ | 18.42 |  |  |  |  |  |  |
Exercised |  |  | (821,689 | ) |  | $ | 5.31 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Options outstanding at March 31, 2024 |  |  | 5,516,193 |  |  | $ | 9.31 |  |  |  | 7.72 |  |  |  | 400,998,000 |
Options exercisable at March 31, 2024 |  |  | 2,634,610 |  |  | $ | 6.75 |  |  |  | 6.46 |  |  |  | 198,264,000 |
Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model | the fair value of each employee option grant during the three months ended March 31, 2024 was estimated on the date of grant using the Black-Scholes model with the following weighted average assumptions:
|  | Three Months Ended March 31, 2024 |  |
Expected volatility |  |  | 82.9 |  | %
Expected term (in years) |  |  | 6.13 |  |
Risk-free interest rate |  |  | 3.88 |  | %
Expected dividend yield |  | 0 |  | %
Restricted stock [Member] |
Summary of Shares Granted and Stock Activity | The following table is a summary of restricted stock activity during the three months ended March 31, 2024:
|  | Shares of Restricted Stock |  |  | Weighted- Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 183,095 |  |  | $ | 0.17 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Repurchased |  |  | — |  |  | $ | — |
Unvested at March 31, 2024 |  |  | 183,095 |  |  | $ | 0.17 |
Restricted stock units [Member] |
Summary of Shares Granted and Stock Activity | The following table summarizes restricted stock unit activity during the three months ended March 31, 2024:
|  | Shares Subject to Restricted Stock Units |  |  | Weighted- Average Grant Date Value |
Unvested at December 31, 2023 |  |  | 2,855,656 |  |  | $ | 7.32 |
Granted |  |  | 1,310,533 |  |  | $ | 17.40 |
Vested |  |  | (1,259,168 | ) |  | $ | 7.27 |
Forfeited |  |  | — |  |  | $ | — |
Cancelled |  |  | (77,834 | ) |  | $ | 7.77 |
Unvested at March 31, 2024 |  |  | 2,829,187 |  |  | $ | 12.00 |

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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
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

X
- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -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_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |