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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

The following stock-based compensation expense was recognized for the periods indicated (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Research and development			$	2,199					$	2,658					$	4,661					$	5,050
Selling, general and administrative			2,192						2,642						4,563						5,524
Total stock-based compensation expense			$	4,391					$	5,300					$	9,224					$	10,574

Valuation Assumptions Using the Black-Scholes Option-Pricing Model

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated:

			Six Months Ended June 30,
			2023						2022
Expected dividend yield			0%						0%
Expected volatility			94.4% -94.9%						87.8% - 89.7%
Risk-free interest rate			3.5% - 3.9%						1.4% - 3.6%
Expected term			5.88 years						5.95 years

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the six months ended June 30, 2023:

			Shares						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value  (in thousands)
Outstanding, December 31, 2022			10,098,929						$	18.58					6.5
Granted			3,177,827						4.91
Exercised			(14,990)						2.37
Forfeited			(198,435)						10.05
Expired			(202,720)						21.58
Outstanding, June 30, 2023			12,860,611						$	15.30					6.9						$	2,093
As of June 30, 2023:
Exercisable			7,295,883						$	20.48					5.3						342
Vested and expected to vest			11,839,534						$	15.81					6.7						1,819

Schedule of RSU Activity

The following table summarizes RSU activity during the six months ended June 30, 2023:

			Shares						Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2022			415,084						$	8.83
Granted			696,635						4.54
Vested			(68,716)						11.00
Forfeited			(44,921)						6.94
Outstanding, June 30, 2023			998,082						5.74

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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.

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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
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-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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.

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Tabular disclosure of the change in stock options.

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