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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation 2024 Inducement Plan In January 2024, the Board of Directors ("the Board") adopted the 2024 Inducement Plan (the "Inducement Plan") without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules ("Rule 5635(c)(4)"). In accordance with Rule 5635(c)(4), the Inducement Plan allows the Company to grant awards only to a newly hired employee who was not previously an employee or non-employee director or to an employee who is being rehired following a bona fide period of non-employment if such award is a material inducement to such employee entering into employment. The total shares of common stock initially authorized for issuance under the Inducement Plan was 1,000,000. In June 2024, the common stock authorized for issuance under the Inducement Plan was reduced by 870,000 shares following stockholder approval of an increase in the shares available for grant under the 2020 Stock Option and Incentive Plan (the "2020 Plan"). The total number of shares of common stock authorized for issuance under the Inducement Plan as of September 30, 2024 was 130,000 shares. 2020 Stock Option and Incentive Plan The total number of shares of common stock authorized for issuance under the 2020 Plan as of September 30, 2024 and December 31, 2023 was 1,970,833 shares and 661,240 shares, respectively. 2017 Stock Incentive Plan The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of September 30, 2024 and December 31, 2023 was 395,850 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan. 2020 Employee Stock Purchase Plan The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of September 30, 2024 and December 31, 2023 was 175,145 shares and 87,227 shares, respectively. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023 | 47,145 |  |  | $ | 202.27 |
Issued | 197,097 |  |  | 51.98 |
Vested | (11,856) |  |  | 309.13 |
Forfeited | (9,712) |  |  | 54.86 |
Unvested as of September 30, 2024 | 222,674 |  |  | $ | 69.98 |
As of September 30, 2024, total unrecognized compensation cost related to unvested restricted stock units was $11.9 million, which is expected to be recognized over a weighted-average period of 2.84 years. Stock Options The following table summarizes the Company’s stock option activity:
| Number of Shares |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  |  |  | (In years) |  | (In thousands)
Outstanding as of December 31, 2023 | 666,163 |  |  | $ | 160.19 |  |  |  |  |
Granted | 1,195,546 |  |  | 51.43 |  |  |  |  |
Exercised | (8,753) |  |  | 39.75 |  |  |  |  | $ | 134 |
Cancelled or Forfeited | (23,632) |  |  | 127.76 |  |  |  |  |
Outstanding as of September 30, 2024 | 1,829,324 |  |  | $ | 90.08 |  |  | 8.71 |  | $ | 12,800 |
Exercisable as of September 30, 2024 | 878,111 |  |  | $ | 121.03 |  |  | 7.93 |  | $ | 6,963 |
Vested and expected to vest as of September 30, 2024 | 1,829,324 |  |  | $ | 90.08 |  |  | 8.71 |  | $ | 12,800 |
Valuation of Stock Options The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2024 |  | 2024 |  |
Risk-free interest rate | 4.06 | % |  | 4.01 | % |  |
Expected term (in years) | 6.00 |  | 6.00 |  |
Expected volatility | 101.00 | % |  | 96.48 | % |  |
Expected dividend yield | — | % |  | — | % |  |
Weighted average grant-date fair value per share | $ | 45.95 |  |  | $ | 40.73 |  |  |
As of September 30, 2024, total unrecognized compensation cost related to unvested stock options was $43.6 million, which is expected to be recognized over a weighted-average period of 2.55 years. Stock-Based Compensation Stock-based compensation expense was allocated as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Research and development | $ | 4,640 |  |  | $ | 2,035 |  |  | $ | 12,298 |  |  | $ | 6,176 |
General and administrative | 7,792 |  |  | 3,728 |  |  | 20,487 |  |  | 12,955 |
Total stock-based compensation expense | $ | 12,432 |  |  | $ | 5,763 |  |  | $ | 32,785 |  |  | $ | 19,131 |

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