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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

8. Stock-Based Compensation

Equity Incentive Plans

The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 8—Stock-Based Compensation of the Company’s Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended December 31, 2023.

Equity Incentive Plans Activity

Stock Options

The following table summarizes stock option activity under the Company's equity incentive plans for the three months ended March 31, 2024:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Options

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Balance outstanding as of December 31, 2023

 

 

4,686,577

 

 

$

14.11

 

 

 

7.9

 

 

$

11,712

 

Granted

 

 

2,241,000

 

 

 

9.99

 

 

 

 

 

 

 

Exercised

 

 

(1,626

)

 

 

4.44

 

 

 

 

 

 

 

Cancelled and forfeited

 

 

(34,602

)

 

 

12.94

 

 

 

 

 

 

 

Balance outstanding as of March 31, 2024

 

 

6,891,349

 

 

$

12.78

 

 

 

8.3

 

 

$

16,139

 

Exercisable as of March 31, 2024

 

 

2,617,844

 

 

$

14.76

 

 

 

6.8

 

 

$

9,011

 

The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

 

 

Three Months Ended
March 31,

 

 

2024

 

2023

Expected term (years)

 

5.5–6.1

 

5.5–6.1

Expected volatility

 

89.4–90.4%

 

91.6–93.2%

Risk-free interest rate

 

3.8–4.1%

 

3.4–3.8%

Expected dividend

 

—

 

—

As of March 31, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $34.8 million, which is expected to be recognized over a weighted-average period of 3.0 years.

RSU and PSUs

RSUs generally vest annually over a two or three-year period. PSUs generally contain performance conditions associated with corporate goals, such as achievement of certain development milestones, that vests upon achievement over a one to three-year period.

The following table summarizes RSU and PSU activity for the three months ended March 31, 2024:

 

 

RSUs

 

 

PSUs

 

 

 

Number of
Shares

 

 

Weighted-Average
Grant Date Fair Value per Share

 

 

Number of
Shares

 

 

Weighted-Average
Grant Date Fair Value per Share

 

Balance outstanding as of December 31, 2023

 

 

688,382

 

 

$

10.72

 

 

 

299,168

 

 

$

5.96

 

Granted

 

 

651,950

 

 

 

9.98

 

 

 

192,000

 

 

 

9.98

 

Vested

 

 

(157,172

)

 

 

13.43

 

 

 

(159,168

)

 

 

7.00

 

Canceled

 

 

(6,614

)

 

 

10.78

 

 

 

—

 

 

 

—

 

Balance outstanding as of March 31, 2024

 

 

1,176,546

 

 

$

9.95

 

 

 

332,000

 

 

$

7.79

 

As of March 31, 2024, total unrecognized stock-based compensation expense related to RSUs and PSUs was $12.3 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Stock-Based Compensation

The Company recorded stock-based compensation expense for the periods indicated as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

2,315

 

 

$

1,486

 

General and administrative

 

 

2,683

 

 

 

2,065

 

Total stock-based compensation

 

$

4,998

 

 

$

3,551