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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Options outstanding at December 31, 2023 |  |  | 2,161,734 |  |  | $ | 18.67 |  |  |  | — |  |  | $ | — |
Issued |  |  | 1,788,780 |  |  |  | 5.08 |  |  |  | — |  |  |  | — |
Exercised |  |  | (147,895 | ) |  |  | 4.39 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (253,044 | ) |  |  | 7.00 |  |  |  | — |  |  |  | — |
Expired |  |  | (17,401 | ) |  |  | 14.55 |  |  |  | — |  |  |  | — |
Options outstanding at June 30, 2024 |  |  | 3,532,174 |  |  | $ | 13.25 |  |  |  | 6.2 |  |  | $ | 4,858,410 |
Options vested and exercisable at June 30, 2024 |  |  | 1,524,669 |  |  | $ | 19.73 |  |  |  | 3.5 |  |  | $ | 1,387,487 |
Schedule of Restricted Share Units | The Company adopted the RSU Plan to advance the interests of the Company by providing employees, contractors and directors of the Company a performance incentive for continued and improved service with the Company. The RSU Plan sets out the framework for determining eligibility as well as the terms of any stock-based compensation granted. The RSU Plan was approved by the shareholders as part of the Arrangement. The fair value has been estimated based on the closing price of the Common Shares on the day prior to the grant.
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
Balance at December 31, 2023 |  |  | 2,288,726 |  |  | $ | 7.20 |
Granted |  |  | 156,800 |  |  |  | 7.45 |
Vested and issued |  |  | (445,032 | ) |  |  | 9.75 |
Cancelled |  |  | (259,685 | ) |  |  | 5.36 |
Balance at June 30, 2024 |  |  | 1,740,809 |  |  | $ | 6.84 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense for all equity arrangements for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,182 |  |  | $ | 1,769 |  |  | $ | 3,637 |  |  | $ | 3,579 |
General and administrative |  |  | 3,046 |  |  |  | 2,073 |  |  |  | 6,061 |  |  |  | 4,013 |
Total share-based compensation expense |  | $ | 5,228 |  |  | $ | 3,842 |  |  | $ | 9,698 |  |  | $ | 7,592 |

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