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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-Based Compensation The Company grants stock-based incentive awards pursuant to the 2021 Equity and Incentive Plan (the “2021 Plan”), 2019 Equity Incentive Plan (the “2019 Plan”), Apexigen Equity Incentive Plans (the “Apexigen Plan”) and the 2022 Equity Inducement Plan (the “2022 Inducement Plan”). As of June 30, 2024, there were 970,100 shares, 132,051 shares, 399,688 shares and 76,944 shares available for future issuance under the 2021 Plan, 2019 Plan, Apexigen Plan and 2022 Inducement Plan, respectively. On May 1, 2024, the Company’s board of directors approved the Non-Qualified Deferred Compensation Plan ("the NQDC Plan"), which became effective on that date. The NQDC Plan was made available to eligible employees including the non-employee directors, and allows those who elect to participate to defer the settlement of certain restricted stock units to a future period. Certain members of management participated in the NQDC Plan and deferred settlement of restricted stock units to fiscal 2027 through 2031. Stock Options The following table summarizes stock option activity for the six months ended June 30, 2024 (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, 2024 |  | 5,982,464 |  |  | $ | 7.31 |  |  |  | 7.6 |  |  | $ | 141 |
Granted |  | 1,427,222 |  |  |  | 3.90 |  |  |  |  |  |  |
Exercised |  | (122,551 | ) |  |  | 2.14 |  |  |  |  |  |  |
Expired |  | (200,406 | ) |  |  | 15.96 |  |  |  |  |  |  |
Forfeited |  | (130,232 | ) |  |  | 11.32 |  |  |  |  |  |  |
Outstanding at June 30, 2024 |  | 6,956,497 |  |  | $ | 6.38 |  |  |  | 7.8 |  |  | $ | 4,034 |
Options exercisable at June 30, 2024 |  | 3,294,687 |  |  | $ | 7.72 |  |  |  | 6.7 |  |  | $ | 1,989 |
The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock of $3.31 per share as of June 28, 2024, the last trading day prior to the quarter ended June 30, 2024. The aggregate intrinsic value of stock options exercised during the three and six months ended June 30, 2024 were less than $0.1 million and $0.3 million, respectively. The aggregate intrinsic value of stock options exercised during the three and six months ended June 30, 2023, were $0.1 million. The weighted-average grant-date fair value of stock options granted during the three and six months ended June 30, 2024, were $3.57 and $3.90 per share, respectively, and $2.04 and $3.04 per share for the three and six months ended June 30, 2023, respectively. The Company estimated the fair value of each stock option on the date of grant using the following key input assumptions in the Black-Scholes option-pricing model:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Expected volatility | 100.20% - 100.34% |  | 97.11% |  | 99.41% - 102.27% |  | 97.11% - 97.82%
Risk-free interest rate | 4.33% - 4.75% |  | 4.05% |  | 4.06% - 4.75% |  | 3.58% - 4.05%
Expected dividend yield | 0.00% |  | 0.00% |  | 0.00% |  | 0.00%
Expected term (in years) | 6.00 - 6.08 |  | 6.08 |  | 5.00 - 6.08 |  | 6.08
The Company has an aggregate $11.1 million of gross unrecognized stock-based compensation expense for stock options as of June 30, 2024, remaining to be amortized over a weighted average period of 2.1 years. Restricted Stock Units The following table summarizes restricted stock units activity for the six months ended June 30, 2024:
| Number of Units |  |  | Weighted Average Grant Date Fair Value |
Non-vested and unsettled at January 1, 2024 |  | 3,631,431 |  |  | $ | 2.51 |
Granted |  | 1,283,412 |  |  |  | 3.81 |
Forfeited |  | (268,217 | ) |  |  | 2.56 |
Vested and settled |  | (1,592,793 | ) |  |  | 2.64 |
Non-vested and unsettled at June 30, 2024 |  | 3,053,833 |  |  | $ | 2.97 |
During the six months ended June 30, 2024, the Company issued 1,528,474 shares of its common stock from the settlement of 1,591,819 restricted common stock, with the remaining shares withheld for taxes. The Company has an aggregate $7.8 million of gross unrecognized restricted stock-based compensation expense as of June 30, 2024, remaining to be amortized over a weighted average period of 2.8 years. 2021 Employee Stock Purchase Plan (“2021 ESPP”) The Company has the 2021 ESPP in force. During the three and six months ended June 30, 2024, the Company issued 59,882 shares of common stock pursuant to the ESPP. As of June 30, 2024, 615,603 shares are available for issuance under the 2021 ESPP. Summary of Stock-Based Compensation Expense The following table summarizes the total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023, respectively (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
General and administrative |  | $ | 2,100 |  |  | $ | 2,329 |  |  | $ | 5,742 |  |  | $ | 5,590 |
Research and development |  |  | 771 |  |  |  | 1,339 |  |  |  | 1,449 |  |  |  | 2,962 |
Total |  | $ | 2,871 |  |  | $ | 3,668 |  |  | $ | 7,191 |  |  | $ | 8,552 |

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