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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Fair Value Assumptions

The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average:

 

 

September 30,

 

 

September 30,

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

3.92

%

 

 

 

3.56

%

Expected term (in years)

 

 

6.03

 

 

 

 

6.03

 

Expected volatility

 

 

85.10

%

 

 

 

86.71

%

Expected dividend yield

 

 

—

 

 

 

 

—

 
Schedule of Stock Option Activity

The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan:

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2023

 

 

8,670,742

 

 

$

 

8.52

 

 

 

7.60

 

 

$

 

61,749

 

Granted

 

 

3,297,550

 

 

 

 

14.35

 

 

—

 

 

 

—

 

Exercised (1)

 

 

(389,043

)

 

 

 

3.64

 

 

—

 

 

 

—

 

Forfeited

 

 

(205,201

)

 

 

 

15.83

 

 

—

 

 

 

—

 

Outstanding as of September 30, 2024

 

 

11,374,048

 

 

$

 

10.06

 

 

 

7.30

 

 

$

 

44,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options vested and exercisable as of September 30, 2024

 

 

6,033,473

 

 

$

 

9.04

 

 

 

6.04

 

 

$

 

31,002

 

Options expected to vest as of September 30, 2024

 

 

5,340,575

 

 

$

 

11.22

 

 

 

8.71

 

 

$

 

13,233

 

 

(1)
Exercised amount includes shares returned for taxes withheld for exercise and net transactions.
Summary of Restricted Stock Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the performance-based restricted stock activity under the 2020 plan during the nine months ended September 30, 2024:

 

 

 

 

Number of Shares

 

 

Grant Date Fair Value

 

Outstanding as of December 31, 2023

 

 

 

403,000

 

 

$

 

3.38

 

Granted

 

 

 

—

 

 

 

 

 

Vested

 

 

 

—

 

 

 

 

 

Forfeited

 

 

 

—

 

 

 

 

 

Outstanding as of September 30, 2024

 

 

 

403,000

 

 

$

 

3.38

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense related to awards granted under the 2014 Plan, the 2020 Plan, the ESPP and the 2022 Inducement Plan was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

 

4,280

 

 

$

 

2,801

 

 

$

 

11,925

 

 

$

 

8,858

 

General and administrative

 

 

 

1,346

 

 

 

 

1,304

 

 

 

 

4,334

 

 

 

 

4,047

 

Total

 

$

 

5,626

 

 

$

 

4,105

 

 

$

 

16,259

 

 

$

 

12,905

 
Unvested restricted common stock  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Activity and Performance-Based Restricted Stock Unit Awards

The following table summarizes the restricted stock activity under the 2014 Plan during the nine months ended September 30, 2024:

 

 

 

 

Number of Shares

 

 

Grant Date Fair Value

 

Unvested restricted stock as of December 31, 2023

 

 

 

92,659

 

 

$

 

2.40

 

Granted

 

 

—

 

 

 

 

 

Vested

 

 

 

(92,659

)

 

 

 

2.40

 

Forfeited

 

 

—

 

 

 

 

 

Unvested restricted stock as of September 30, 2024

 

 

 

—

 

 

$

 

—