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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 Weighted Average Fair Values and Valuation Assumptions | 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:
|  | Three Months Ended March 31, |  |  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Expected term (in years) |  |  | 5.8 |  |  |  | 5.8 |
Expected volatility |  |  | 62.8 | % |  |  | 69.3 | %
Risk-free interest rate |  |  | 4.0 | % |  |  | 3.5 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2023:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding at December 31, 2023 |  |  | 23,065,514 |  |  | $ | 5.08 |  |  |  | 8.7 |  |  | $ | 24,745 |
Granted |  |  | 3,647,000 |  |  | $ | 4.22 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Forfeited |  |  | (348,481 | ) |  | $ | 6.05 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 26,364,033 |  |  | $ | 4.95 |  |  |  | 8.4 |  |  | $ | 33,249 |
Vested and expected to vest at March 31, 2024 |  |  | 26,364,033 |  |  | $ | 4.95 |  |  |  | 8.4 |  |  | $ | 33,249 |
Options exercisable at March 31, 2024 |  |  | 9,143,369 |  |  | $ | 6.79 |  |  |  | 7.4 |  |  | $ | 9,256 |
Summary of Share Based Compensation Expense Recognized | The Company recorded stock-based compensation expense (service-based stock options and employee stock purchase plan) in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended March 31, |  |  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,677 |  |  | $ | 2,263 |
Selling, general and administrative |  |  | 3,702 |  |  |  | 3,137 |
|  | $ | 5,379 |  |  | $ | 5,400 |

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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 -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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