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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity under the Equity Plans (excluding RSUs) during the nine months ended September 30, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2023

 

 

2,865,594

 

 

$

10.89

 

 

 

5.76

 

 

$

1

 

Granted

 

 

35,604

 

 

 

1.52

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Forfeited or cancelled

 

 

(44,535

)

 

 

13.36

 

 

 

 

 

 

 

Outstanding as of September 30, 2024

 

 

2,856,663

 

 

$

10.73

 

 

 

4.75

 

 

$

1

 

Outstanding as of September 30, 2024 - vested and
   expected to vest

 

 

2,856,663

 

 

$

10.73

 

 

 

4.75

 

 

$

1

 

Exercisable at September 30, 2024

 

 

2,615,440

 

 

$

10.54

 

 

 

4.60

 

 

$

—

 
Summary of Share-Based Compensation Expense

The Company recorded share-based compensation expense related to incentive stock options, nonqualified stock options, stock grants, and stock-based awards in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

703

 

 

$

619

 

 

$

2,123

 

 

$

2,006

 

General and administrative expenses

 

 

1,451

 

 

 

1,289

 

 

 

4,167

 

 

 

3,929

 

Total

 

$

2,154

 

 

$

1,908

 

 

$

6,290

 

 

$

5,935

 
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity of Options and RSUs of Performance-Based Options

The following table summarizes RSU activity under the Equity Plans during the nine months ended September 30, 2024:

 

 

 

Number of
RSU Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2023

 

5,368,807

 

 

$

2.45

 

Granted

 

3,638,496

 

 

 

1.54

 

Vested and released

 

(1,244,736

)

 

 

3.07

 

Forfeited or cancelled

 

(272,226

)

 

 

1.84

 

Outstanding as of September 30, 2024

 

7,490,341

 

 

$

1.93

 
Performance Shares [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity of Options and RSUs of Performance-Based Options

The following table summarizes Inducement PSU activity under the Equity Plans during the nine months ended September 30, 2024:

 

 

 

Number of Inducement
PSU Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2023

 

69,999

 

$

1.08

 

Granted

 

—

 

 

 

—

 

Vested and released

 

(69,999

)

 

 

1.08

 

Forfeited or cancelled

 

—

 

 

 

—

 

Outstanding as of September 30, 2024

 

—

 

 

$

—