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Stock Incentive Plans
 6 Months Ended
Jun. 30, 2024
Stock Incentive Plans  
Stock Incentive Plans

9.Stock Incentive Plans

A summary of the Company’s stock option activity and related information follows:

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Weighted

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Average

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Weighted-

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Remaining

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Aggregate

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Average

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Contractual

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Intrinsic Value

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Shares

    

Exercise Price

    

Term (years)

    

(in thousands)

Outstanding at December 31, 2023

 

3,553,969

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$

13.59

 

8.39

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$

1,912

Granted

 

2,972,200

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$

14.58

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Exercised

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(27,602)

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$

4.80

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Cancelled or forfeited

 

(262,747)

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$

12.44

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Expired

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(1,283)

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$

408.60

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Outstanding at June 30, 2024

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6,234,537

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$

14.07

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8.64

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$

3,152

Vested and exercisable at June 30, 2024

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1,815,378

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$

16.08

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7.35

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$

1,561

Vested and expected to vest at June 30, 2024

 

6,234,537

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$

14.07

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8.64

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$

3,152

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The intrinsic value of stock options exercised in the three and six months ended June 30, 2024 was $0.1 million and $0.2 million, respectively. The intrinsic value of stock options exercised in the three and six months ended June 30, 2023 was $0.1 million and $0.5 million, respectively. The total grant date fair value of stock options vested for the three months ended June 30, 2024 and 2023 was $2.5 million and $1.2 million, respectively. The total grant date fair value of stock options vested for the six months ended June 30, 2024 and 2023 was $5.6 million and $2.7 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended June 30, 2024 and 2023 was $6.64 and $7.79, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the six months ended June 30, 2024 and 2023 was $9.95 and $8.76, respectively.

At June 30, 2024, the total unrecognized compensation expense related to unvested stock option awards was $35.1 million. The Company expects to recognize that cost over a weighted-average period of approximately 3.1 years.

On February 17, 2022, the Company’s board of directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan, as amended, provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 1,700,000 shares of the Company’s common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635 (c)(4). As of June 30, 2024, options to purchase 867,087 shares of common stock are outstanding under the Inducement Plan, which are included in the table above.