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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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

 

 

2,530,900

 

 

 

9.96

 

 

 

 

 

 

 

Exercised

 

 

(27,981

)

 

 

2.20

 

 

 

 

 

 

 

Forfeited

 

 

(144,545

)

 

 

12.49

 

 

 

 

 

 

 

Balance outstanding as of June 30, 2024

 

 

7,044,951

 

 

$

12.70

 

 

 

8.1

 

 

$

6,409

 

Exercisable as of June 30, 2024

 

 

2,783,861

 

 

$

14.89

 

 

 

6.6

 

 

$

5,140

 

 

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:

 

 

Six Months Ended
June 30,

 

 

2024

 

2023

Expected term (years)

 

5.5–6.1

 

5.5–6.1

Expected volatility

 

87.3–90.4%

 

91.6–98.2%

Risk-free interest rate

 

3.8–4.6%

 

3.4–3.8%

Expected dividend

 

—

 

—

As of June 30, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $32.5 million, which is expected to be recognized over a weighted-average period of 2.8 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 six months ended June 30, 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

 

 

656,950

 

 

 

9.96

 

 

 

192,000

 

 

 

9.98

 

Vested

 

 

(170,372

)

 

 

13.76

 

 

 

(159,168

)

 

 

7.00

 

Forfeited

 

 

(44,837

)

 

 

8.50

 

 

 

(10,000

)

 

 

9.98

 

Balance outstanding as of June 30, 2024

 

 

1,130,123

 

 

$

9.91

 

 

 

322,000

 

 

$

7.72

 

As of June 30, 2024, total unrecognized stock-based compensation expense related to RSUs and PSUs was $10.4 million, which is expected to be recognized over a weighted-average period of 1.7 years.

Stock-Based Compensation

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

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

2,342

 

 

$

1,712

 

 

$

4,657

 

 

$

3,199

 

General and administrative

 

 

2,827

 

 

 

2,425

 

 

 

5,510

 

 

 

4,489

 

Total stock-based compensation

 

$

5,169

 

 

$

4,137

 

 

$

10,167

 

 

$

7,688