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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Stock-Based Compensation As of March 31, 2024, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 22, 2024, subject to stockholder approval at the Company’s annual meeting of stockholders to be held on June 12, 2024. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023. The Company recorded the following stock-based compensation expense (in thousands):
| Three Months Ended March 31,
| 2024 |  | 2023
Incentive Plan | $ | 11,566 |  |  | $ | 11,061 |
Inducement Plan | 1,923 |  |  | 2,475 |
ESPP | 163 |  |  | 471 |
Stock-based compensation expense | $ | 13,652 |  |  | $ | 14,007 |
Stock Incentive Plan The following table summarizes stock option activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 | 35,505 |  |  | $ | 8.24 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (48) |  |  | 3.27 |  |  |  |  | $ | 103 |
Cancelled or Forfeited | (1,068) |  |  | 9.60 |  |  |  |  |
Outstanding at March 31, 2024 | 34,389 |  |  | $ | 8.20 |  |  | 6.61 |  | $ | 6,951 |
Exercisable at March 31, 2024 | 20,922 |  |  | $ | 7.88 |  |  | 5.30 |  | $ | 6,951 |
Vested and expected to vest at March 31, 2024 | 31,784 |  |  | $ | 8.13 |  |  | 6.49 |  | $ | 6,951 |
The following table summarizes restricted stock unit activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2023 | 5,592 |  |  | $ | 8.67 |
Granted | 128 |  |  | 5.30 |
Vested | (96) |  |  | 12.30 |
Forfeited | (313) |  |  | 8.65 |
Unvested at March 31, 2024 | 5,311 |  |  | $ | 8.52 |
For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first three months of 2024 and 2023 was $5.30 and $10.32, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method. As of March 31, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Incentive Plan was $33,457, which is expected to be recognized over a weighted average period of 1.8 years. Inducement Equity Incentive Plan The following table summarizes stock option activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 | 5,527 |  |  | $ | 8.77 |  |  |  |  |
Granted | 92 |  |  | 5.25 |  |  |  |  |
Exercised | (128) |  |  | 3.09 |  |  |  |  | $ | 274 |
Cancelled or Forfeited | (300) |  |  | 10.86 |  |  |  |  |
Outstanding at March 31, 2024 | 5,191 |  |  | $ | 8.73 |  |  | 7.53 |  | $ | 2,454 |
Exercisable at March 31, 2024 | 2,628 |  |  | $ | 7.53 |  |  | 6.76 |  | $ | 2,128 |
Vested and expected to vest at March 31, 2024 | 4,684 |  |  | $ | 8.59 |  |  | 7.46 |  | $ | 2,373 |
The following table summarizes restricted stock unit activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2023 | 915 |  |  | $ | 9.90 |
Granted | 63 |  |  | 5.25 |
Vested | (59) |  |  | 11.96 |
Forfeited | (106) |  |  | 10.41 |
Unvested at March 31, 2024 | 813 |  |  | $ | 9.32 |
For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first three months of 2024 and 2023 was $5.25 and $9.64, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method. As of March 31, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Inducement Plan was $5,588, which is expected to be recognized over a weighted average period of 1.7 years. Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. Stock Incentive Plan There were no stock option awards granted under the Incentive Plan during the three months ended March 31, 2024. The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the three months ended March 31, 2023:
| Three Months Ended March 31, 2023
Expected Life in Years | 5.5
Expected Volatility | 84.2 | %
Expected Dividend Yield | 0.0 | %
Risk-Free Interest Rate | 3.6 | %
Weighted average grant date fair value per share | $ | 7.47 |
As of March 31, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Incentive Plan was $62,593, which is expected to be recognized over a weighted average period of 1.6 years. Inducement Equity Incentive Plan The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31,
| 2024 |  | 2023
Expected Life in Years | 5.8 |  | 5.5
Expected Volatility | 82.8 | % |  | 84.2 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 4.1 | % |  | 3.7 | %
Weighted average grant date fair value per share | $ | 3.77 |  |  | $ | 6.85 |
As of March 31, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Inducement Plan was $12,326, which is expected to be recognized over a weighted average period of 1.4 years. Employee Stock Purchase Plan The Company has reserved a total of 7,975 shares of common stock to be purchased under the ESPP, of which 5,203 shares remain available for purchase as of March 31, 2024. During the three months ended March 31, 2024 and March 31, 2023, the Company issued 251 and 176 shares under the ESPP, respectively.

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