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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The Company recorded the following stock-based compensation expense (in thousands):
| Six Months Ended June 30,
| 2023 |  | 2022
Incentive Plan | $ | 21,297 |  |  | $ | 15,867 |
Inducement Plan | 4,720 |  |  | 2,965 |
ESPP | 831 |  |  | 636 |
Stock-based compensation expense | $ | 26,848 |  |  | $ | 19,468 |
Stock Plan Activities | Related activity under the Incentive Plan is as follows:
| Awards Available |  | Options Outstanding |  | Weighted Average Exercise Price
Balance December 31, 2022 | 4,206 |  |  | 31,179 |  |  | $ | 8.56 |
Plan amendment | 7,000 |  |  | — |  |  | — |
Restricted stock unit awards granted | (314) |  |  | — |  |  | — |
Restricted stock unit awards cancelled | 417 |  |  | — |  |  | — |
Stock option awards granted | (618) |  |  | 618 |  |  | 9.01 |
Stock option awards exercised | — |  |  | (775) |  |  | 5.25 |
Stock option awards cancelled | 810 |  |  | (810) |  |  | 10.12 |
Balance June 30, 2023 | 11,501 |  |  | 30,212 |  |  | $ | 8.61 |
Related activity under the Inducement Plan is as follows:
| Awards Available |  | Options Outstanding |  | Weighted Average Exercise Price
Balance December 31, 2022 | 947 |  |  | 5,341 |  |  | $ | 8.80 |
Restricted stock unit awards granted | (325) |  |  | — |  |  | — |
Restricted stock unit awards cancelled | 61 |  |  | — |  |  | — |
Stock option awards granted | (801) |  |  | 801 |  |  | 9.00 |
Stock option awards exercised | — |  |  | (330) |  |  | 3.65 |
Stock option awards cancelled | 460 |  |  | (460) |  |  | 9.97 |
Balance June 30, 2023 | 342 |  |  | 5,352 |  |  | $ | 9.04 |
Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans | Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans
| 2023 |  | 2022
Expected Life in Years | 5.5 |  | 5.5
Expected Volatility | 84.3 | % |  | 84.1 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 3.8 | % |  | 2.5 | %

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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)(2) -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
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- 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
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