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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The summary of stock option activity for the three months ended March 31, 2023 (in thousands, except share and per share amounts):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |  |
Outstanding at January 1, 2023 |  |  | 5,720,415 |  |  | $ | 9.68 |  |  |  | 8.8 |  |  | $ | 72 |  |
Granted |  |  | 67,513 |  |  |  | 4.01 |  |  |  |  |  |  |  |
Expired |  |  | (81,151 | ) |  |  | 5.46 |  |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 5,706,777 |  |  | $ | 7.94 |  | (1) |  | 8.5 |  |  | $ | 5,282 |  | (1)
Options exercisable at March 31, 2023 |  |  | 2,320,405 |  |  | $ | 7.24 |  | (1) |  | 8.3 |  |  | $ | 2,540 |  | (1)
(1) | The weighted average exercise price and aggregate intrinsic value as of March 31, 2023 reflect the impact of the stock option repricing discussed above.
Schedule of Estimated Fair Value Assumptions |
|  | Three Months Ended March 31, |
|  | 2023 |  | 2022 |
Expected volatility |  | 97.82% |  | 98.05% - 101.66% |
Risk-free interest rate |  | 3.58% |  | 1.60% |
Expected dividend yield |  | 0.00% |  | 0.00% |
Expected term (in years) |  | 6.08 |  | 6.08 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense related to stock options is as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2023 |  |  | 2022 |  |
Research and development |  | $ | 1,243 |  |  | $ | 472 |  |
General and administrative |  |  | 2,141 |  |  |  | 2,874 |  |
Total |  | $ | 3,384 |  |  | $ | 3,346 |  |
Summary of Restricted Stock Activity | The summary of restricted stock activity for the three months ended March 31, 2023:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at January 1, 2023 |  |  | 3,015,387 |  |  | $ | 3.64 |
Granted |  |  | 2,879,832 |  |  |  | 2.19 |
Vested and settled |  |  | (148,047 | ) |  |  | 0.55 |
Non-vested and unsettled at March 31, 2023 |  |  | 5,747,172 |  |  | $ | 2.96 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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