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Share-Based Payment Awards (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity Under Plan | The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the three months ended March 31, 2025:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding at January 1, 2025 |  |  | 7,670,647 |  |  | $ | 12.47 |  |  |  | 7.43 |  |  |  | 7,478 |
Granted |  |  | 2,142,935 |  |  |  | 8.21 |  |  |  |  |  |  |
Exercised |  |  | (68,779 | ) |  |  | 3.26 |  |  |  |  |  |  |
Forfeited |  |  | (187,786 | ) |  |  | 10.64 |  |  |  |  |  |  |
Expired |  |  | (162,331 | ) |  |  | 21.13 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 9,394,686 |  |  | $ | 11.46 |  |  |  | 7.80 |  |  | $ | 3,473 |
Exercisable at March 31, 2025 |  |  | 4,262,537 |  |  | $ | 12.51 |  |  |  | 6.36 |  |  | $ | 2,032 |
Schedule of Key Assumptions Used | In determining the grant date fair value of option awards during the three months ended March 31, 2025, the Company applied the Black-Scholes option pricing model based on the following key assumptions:
|  | Three Months Ended
|  | March 31,
|  | 2025
Option life (in years) |  | 5.5 - 6.08
Stock volatility |  | 99% - 102%
Risk-free interest rate |  | 3.99% - 4.45%
Expected dividends |  | 0.0%
Summary of Information about Stock Options | The following table summarizes information about employee, non-executive director and external consultant stock options for the three months ended March 31, 2025 (in thousands except per share amount):
|  | Three Months |
|  | Ended |
|  | March 31, 2025 |
Weighted average grant date fair value per share |  | $ | 6.62 |
Total cash received from exercise of stock options |  |  | 224 |
Total intrinsic value of stock options exercised |  |  | 209 |
Summary of Restricted Stock Unit Activity | The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the three months ended March 31, 2025:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value |
Nonvested at January 1, 2025 |  |  | 1,315,629 |  |  | $ | 11.74 |
Granted |  |  | 818,708 |  |  |  | 8.26 |
Vested |  |  | (561,706 | ) |  |  | 10.57 |
Forfeited |  |  | (21,097 | ) |  |  | 15.69 |
Nonvested at March 31, 2025 |  |  | 1,551,534 |  |  | $ | 10.27 |
Compensation Expense from Stock-Based Payment Awards | The Company’s condensed consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Compensation expense included in: |  |  |  |  |  |
Research and development |  | $ | 3,464 |  |  | $ | 7,827 |
General and administrative |  |  | 4,356 |  |  |  | 4,872 |
|  | $ | 7,820 |  |  | $ | 12,699 |

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- 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
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- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (d)(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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- 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
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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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