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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 Option Activity | A summary of option activity under the Plans for the three months ended March 31, 2024 follows:
(in thousands, except for share and per share amounts) | Number of Shares |  | Weighted Average Exercise Price at Grant Date |  | Weighted Average Remaining Term (Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2023 | 4,792,506 |  |  | $ | 12.95 |  |  | 6.00 |  | $ | — |
Expired | (16,000) |  |  | 12.28 |  |  |  |  |
Outstanding at March 31, 2024 | 4,776,506 |  |  | 12.95 |  |  | 5.77 |  | — |
Exercisable at March 31, 2024 | 3,586,512 |  |  | 14.05 |  |  | 4.89 |  | — |
Vested and expected to vest at March 31, 2024 | 4,670,652 |  |  | 13.06 |  |  | 5.70 |  | — |
Schedule of RSU Activity | A summary of RSU activity for the Plans for the three months ended March 31, 2024 is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2023 | 1,905,310 |  |  | $ | 10.87 |
Granted | 1,494,900 |  |  | 4.37 |
Forfeited | (16,910) |  |  | 12.43 |
Vested | (662,024) |  |  | 12.17 |
Unvested at March 31, 2024 | 2,721,276 |  |  | 6.98 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recognized for the three months ended March 31, 2024 and 2023 was comprised of the following:
| Three Months Ended |  |  |  |
(in thousands) | March 31, 2024 |  | March 31, 2023 |  |  |  |  |  |  |  |
Research and development | $ | 864 |  |  | $ | 1,066 |  |  |  |  |  |  |  |  |
Selling, general and administrative | 2,720 |  |  | 3,285 |  |  |  |  |  |  |  |  |
Total stock-based compensation expense | $ | 3,584 |  |  | $ | 4,351 |  |  |  |  |  |  |  |  |
Schedule of Black-Scholes-Merton Option Pricing Model for Employee and Director Stock Options Granted | Assumptions used in the Black-Scholes-Merton option pricing model for employee and director stock options granted during the three months ended March 31, 2023 were as follows:
|  |  | Three Months Ended
|  |  | March 31, 2023
Expected dividend yield |  |  | 0 | %
Weighted average expected volatility |  |  | 47 | %
Weighted average expected term (years) |  |  | 6.15
Weighted average risk-free rate |  |  | 3.92 | %

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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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