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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation recognized

Stock-based compensation has been recognized in operating results as follows:

(in thousands)			Years ended December 31,
			2023						2022
Research and development expenses			$	1,279					$	1,035
Selling, general and administrative expenses			3,230						3,221
Total stock-based compensation			$	4,509					$	4,256

Estimated Fair Value of Stock Options - Assumptions

The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following assumptions during the years indicated below:

			Years ended December 31,
			2023						2022
Risk-free interest rate (range)			3.56% - 4.06%						1.62% - 3.75%
Dividend yield			0%						0%
Expected volatility (range)			105% - 110%						98% - 110%
Expected volatility (weighted-average)			109%						106%
Expected term (in years)			5.2 years						6.0 years

Summary of Stock Option Activity

A summary of stock option activity and of changes in stock options outstanding is presented below:

			Number of Options						Weighted-Average Exercise Price Per Share						Intrinsic Value						Weighted-Average Remaining Contractual Life
Balance outstanding, December 31, 2022			5,069,458						$	5.92					$	19,322					7.4 years
Granted			2,138,624						$	1.70
Forfeited and expired			(557,128)						$	9.43
Balance Outstanding, December 31, 2023			6,650,954						$	4.27					$	23,926					7.9 years
Vested and exercisable, December 31, 2023			3,124,492						$	5.66					$	22,456					6.9 years
Vested and expected to vest, December 31, 2023			6,462,464						$	4.33					$	23,853					7.8 years

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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.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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.

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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.

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