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Stockholders' Equity and Stock Options (Tables) | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Assumptions used to Determine Fair Value of Stock Options Granted | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:
|  | March 31,
|  | 2024
Risk-free interest rate |  | 4.06%
Expected term (in years) |  | 6.25
Expected volatility |  | 96%
Dividend yield |  | 0.00%
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the three months ended March 31, 2024 (amounts in millions, except for share, contractual term, and per share data):
|  |  |  |  | Weighted |  |  | Weighted Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Value (a) |
|  | Shares |  |  | Price |  |  | Term (in years) |  |  | (in millions) |
Outstanding as of December 31, 2023 |  |  | 4,273,502 |  |  | $ | 9.06 |  |  |  | 7.8 |  |  |  |
Options granted |  |  | 1,580,377 |  |  |  | 4.42 |  |  |  |  |  |  |
Options exercised |  |  | (356 | ) |  |  | 2.95 |  |  |  |  |  |  |
Options forfeited/expired |  |  | (5,000 | ) |  |  | 11.38 |  |  |  |  |  |  |
Outstanding as of March 31, 2024 |  |  | 5,848,523 |  |  | $ | 7.81 |  |  |  | 8.1 |  |  | $ | 11.0 |
Exercisable as of March 31, 2024 |  |  | 2,419,698 |  |  | $ | 11.39 |  |  |  | 6.7 |  |  | $ | 1.5 |
Vested and expected to vest as of March 31, 2024 |  |  | 5,848,523 |  |  | $ | 7.81 |  |  |  | 8.1 |  |  | $ | 11.0 |
(a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were "in the money" at March 31, 2024.
Summary of Restricted Stock Units | Activity with respect to the Company's RSUs during the three months ended March 31, 2024 was as follows (in millions, except share, contractual term, and per share data):
|  |  |  |  | Weighted |  |  | Weighted Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number of |  |  | Grant Date |  |  | Contractual |  |  | Value (a) |
|  | Shares |  |  | Fair Value |  |  | Term (in years) |  |  | (in millions) |
Outstanding as of December 31, 2023 |  |  | 615,000 |  |  | $ | 4.94 |  |  |  | 1.6 |  |  |  |
Restricted stock units granted |  |  | 245,372 |  |  |  | 4.21 |  |  |  |  |  |  |
Restricted stock units vested |  |  | (153,750 | ) |  |  | 4.94 |  |  |  |  |  |  |
Outstanding as of March 31, 2024 |  |  | 706,622 |  |  | $ | 4.69 |  |  |  | 2.0 |  |  | $ | 5.4 |
Unvested and expected to vest as of March 31, 2024 |  |  | 706,622 |  |  | $ | 4.69 |  |  |  | 2.0 |  |  | $ | 5.4 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 911 |  |  | $ | 743 |
General and administrative |  |  | 1,217 |  |  |  | 1,090 |
|  | $ | 2,128 |  |  | $ | 1,833 |

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