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Stock-Based Compensation (Tables)

3 Months Ended

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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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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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-SubTopic 10
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-Paragraph 2
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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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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.

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