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Stock Options, Restricted Stock and Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | Stock option activity is summarized a s follows:
|  | NUMBER OF STOCK OPTIONS |  |  | WEIGHTED- AVERAGE EXERCISE PRICE |  |  | WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS) |  |  | AGGREGATE INTRINSIC VALUE (IN THOUSANDS) |
Outstanding as of December 31, 2023 |  |  | 5,666,621 |  |  | $ | 2.47 |  |  |  | 6.61 |  |  |  |
Granted |  |  | 202,420 |  |  |  | 4.36 |  |  |  |  |  |  |
Exercised |  |  | (731,169 | ) |  |  | 1.80 |  |  |  |  |  |  |
Cancelled, forfeited or expired |  |  | (535,917 | ) |  |  | 3.36 |  |  |  |  |  |  |
Outstanding as of September 30, 2024 |  |  | 4,601,955 |  |  | $ | 2.55 |  |  |  | 6.86 |  |  | $ | 20,296 |
Exercisable as of September 30, 2024 |  |  | 3,519,140 |  |  | $ | 2.40 |  |  |  | 6.39 |  |  | $ | 16,049 |
Unvested as of September 30, 2024 |  |  | 1,082,815 |  |  | $ | 3.04 |  |  |  | 8.39 |  |  | $ | 4,247 |
Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options | The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:
|  | NINE MONTHS ENDED SEPTEMBER 30, |
|  | 2024 |  |  | 2023 |
Expected option life (years) |  | 5.50 - 6.08 |  |  | 5.48 - 6.08 |
Risk-free interest rate |  | 3.98% - 4.32% |  |  | 3.50% - 4.61% |
Expected volatility |  | 99.30% - 114.68% |  |  | 91.33% - 94.51% |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Summary of Restricted Stock Activity | Restricted stock activity is summarized as follows:
|  | NUMBER OF SHARES |  |  | WEIGHTED- AVERAGE GRANT DATE FAIR VALUE |
Unvested at December 31, 2023 |  |  | 2,526,432 |  |  | $ | 1.06 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (1,034,207 | ) |  | $ | 0.98 |
Forfeited |  |  | (259,193 | ) |  | $ | 1.11 |
Unvested at September 30, 2024 |  |  | 1,233,032 |  |  | $ | 1.12 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for th e three and nine months ended September 30, 2024 and 2023 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 |  | $ | 646 |  |  | $ | 270 |  |  | $ | 2,468 |  |  | $ | 883 |
General and administrative |  |  | 538 |  |  |  | 416 |  |  |  | 1,600 |  |  |  | 1,269 |
Total stock-based compensation expense |  | $ | 1,184 |  |  | $ | 686 |  |  | $ | 4,068 |  |  | $ | 2,152 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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