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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Weighted Average Assumptions used to Estimate Fair Value of Options Granted

The fair value of each option granted during the periods was estimated on the date of grant using the following weighted average assumptions:

		2024				2023				2022
Expected volatility			86	%			72	%			68	%
Expected term in years			6				6				6
Risk-free interest rate			3.8	%			3.3	%			1.8	%
Dividend yield			0	%			0	%			0	%

Schedule of Stock Option Activity

A summary of option activity for 2024 is presented below:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Outstanding at December 31, 2023			2,141,360			$	65.00
Granted			3,334,887				6.91
Exercised			(16,668	)			12.26
Forfeited			(93,758	)			26.87
Expired			(122,905	)			63.56
Outstanding at December 31, 2024			5,242,916				28.76				8.06			$	—
Vested or expected to vest at December 31, 2024			5,242,916				28.76				8.06			$	—
Exercisable at December 31, 2024			2,534,682			$	50.07				6.52			$	—

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for 2024 is presented below:

		Nonvested Shares				Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023			27,163			$	37.20
Granted			48,561				11.96
Vested			(17,002	)			29.11
Forfeited			(16,500	)			21.82
Outstanding at December 31, 2024			42,222			$	17.30

Schedule of Share-Based Compensation Expense

The impact on our results of operations from share-based compensation for the years ended December 31, 2024, 2023, and 2022, was as follows (in thousands).

		Year Ended
		2024				2023				2022
Research and development		$	11,998			$	6,237			$	4,847
General and administrative			15,329				16,114				13,391
Total share-based compensation expense		$	27,327			$	22,351			$	18,238

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.

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