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Stock-based Compensation (Tables)
 6 Months Ended
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