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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:
|  |  | Three Months Ended March 31, |
|  |  | 2024 |  |  | 2023 |
Research and development expenses |  |  | $ | 864,184 |  |  | $ | 2,191,368 |
General and administrative expenses |  |  | $ | 684,653 |  |  | $ | 1,998,988 |
Total stock-based compensation expense |  |  | $ | 1,548,837 |  |  | $ | 4,190,356 |
Summary of Activity Relating to Stock Options | The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Term (Years) |  |  | Aggregate Intrinsic Value(a) |
Outstanding at December 31, 2023 |  |  | 5,868,816 |  |  | $ | 6.40 |  |  |  | 6.44 |  |  | $ | 3,996 |
Granted |  |  | 2,101,648 |  |  |  | 3.62 |  |  |  |  |  |  | — |
Expired |  |  | (55,165 | ) |  |  | 7.68 |  |  |  |  |  |  | — |
Forfeited |  |  | (31,506 | ) |  |  | 4.49 |  |  |  |  |  |  | — |
Outstanding at March 31, 2024 |  |  | 7,883,793 |  |  | $ | 5.66 |  |  |  | 7.23 |  |  | $ | — |
Exercisable at March 31, 2024 |  |  | 4,522,334 |  |  | $ | 6.31 |  |  |  | 5.66 |  |  | $ | — |
(a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2024 of $3.27 and the per share exercise price of the underlying options.
Summary of Activity Relating to Restricted Stock Units | The table below summarizes activity relating to restricted stock units (RSUs) for the three months ended March 31, 2024:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  |  | 944,497 |  |  | $ | 5.30 |
Exercised/Released |  |  | (212,441 | ) |  |  | 5.33 |
Outstanding at March 31, 2024 |  |  | 732,056 |  |  | $ | 5.29 |
Summary of Employee Stock Purchase Plan Activity | A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:
| Three Months Ended March 31, |
| 2024 |  |  | 2023 |
Weighted-average grant-date fair value per share | $ | 1.44 |  |  | $ | 2.70 |
Total stock-based compensation expense | $ | 5,099 |  |  | $ | 17,040 |

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