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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | 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 |
Schedule of Estimated Fair Value Assumptions | 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
Summary of Restricted Stock Awards and 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 |
Summary of Total 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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- 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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- 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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