XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.24.3

Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Activity | 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 |
Summary of Stock Option Activity | 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 |
Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model | 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 |  |  |
Summary of Stock-Based Compensation Expense | 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 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration