XML 28 R20.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activities | The activity for stock options is as follows:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Terms (in years) |  |  | Aggregate Intrinsic Values (in thousands) |
Balance as of December 31, 2022 |  |  | 5,988,271 |  |  | $ | 4.70 |  |  |  | 8.83 |  |  | $ | 5,699 |
Options granted |  |  | 50,000 |  |  |  | 3.00 |  |  |  |  |  |  |
Options cancelled and forfeited |  |  | (258,415 | ) |  |  | 8.12 |  |  |  |  |  |  |
Options exercised |  |  | (889,404 | ) |  |  | 0.62 |  |  |  |  |  |  | 1,987 |
Balance as of September 30, 2023 |  |  | 4,890,452 |  |  | $ | 5.25 |  |  |  | 3.06 |  |  | $ | 1,316 |
Vested and expected to vest, September 30, 2023 |  |  | 4,890,452 |  |  | $ | 5.25 |  |  |  | 3.06 |  |  | $ | 1,316 |
Options exercisable as of September 30, 2023 |  |  | 4,013,104 |  |  | $ | 5.25 |  |  |  | 1.85 |  |  | $ | 1,078 |
Summary of Stock Options Valuation Assumptions | The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the nine months ended September 30, 2023 and 2022:
|  | Nine Months Ended September 30,
|  | 2023 |  | 2022
Expected term (in years) |  | 5.50 |  | 5.50 - 6.50
Expected volatility |  | 92.90% |  | 77.33% - 80.54%
Risk-free interest rate |  | 3.69% |  | 1.69% - 3.03%
Expected dividend yield |  | 0.00% |  | 0.00%
Summary of Restricted Stock Awards | The activity for restricted stock awards and units is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 177,494 |  |  | $ | 8.32 |
Granted |  |  | 113,333 |  |  |  | 3.64 |
Vested |  |  | (90,918 | ) |  |  | 7.01 |
Forfeited |  |  | (13,746 | ) |  |  | 8.17 |
Unvested at September 30, 2023 |  |  | 186,163 |  |  | $ | 6.13 |
Summary of Share-based Compensation Expense | The following table sets forth stock-based compensation for stock options, restricted stock awards, and restricted stock units included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development expense |  | $ | 429 |  |  | $ | 657 |  |  | $ | 1,889 |  |  | $ | 1,872 |
General and administrative expense |  |  | 227 |  |  |  | 1,126 |  |  |  | 9,715 |  |  |  | 3,224 |
Total stock-based compensation expense |  | $ | 656 |  |  | $ | 1,783 |  |  | $ | 11,604 |  |  | $ | 5,096 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration