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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Research and development | $ | 2,335 |  |  | $ | 2,571 |  |  | $ | 6,996 |  |  | $ | 7,621 |
Selling, general and administrative | 2,455 |  |  | 2,552 |  |  | 7,018 |  |  | 8,076 |
Total stock-based compensation expense | $ | 4,790 |  |  | $ | 5,123 |  |  | $ | 14,014 |  |  | $ | 15,697 |
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:
| Nine Months Ended September 30,
| 2023 |  | 2022
Expected dividend yield | 0% |  | 0%
Expected volatility | 76.1% -94.9% |  | 87.8% - 90.8%
Risk-free interest rate | 3.5% - 4.4% |  | 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 nine months ended September 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 | 3,267,727 |  |  | 4.91 |  |  |  |  |
Exercised | (26,146) |  |  | 3.34 |  |  |  |  |
Forfeited | (293,161) |  |  | 9.78 |  |  |  |  |
Expired | (367,054) |  |  | 19.77 |  |  |  |  |
Outstanding, September 30, 2023 | 12,680,295 |  |  | 15.26 |  |  | 6.7 |  | $ | 301 |
As of September 30, 2023: |  |  |  |  |  |  |
Exercisable | 7,836,655 |  |  | 19.50 |  |  | 5.4 |  | 186 |
Vested and expected to vest | 11,733,021 |  |  | 15.75 |  |  | 6.5 |  | 278 |
Schedule of RSU Activity | The following table summarizes RSU activity during the nine months ended September 30, 2023:
| Shares |  | Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2022 | 415,084 |  |  | $ | 8.83 |
Granted | 696,635 |  |  | 4.84 |
Vested | (135,396) |  |  | 8.32 |
Forfeited | (68,046) |  |  | 7.53 |
Outstanding, September 30, 2023 | 908,277 |  |  | 5.95 |

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- Definition 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. + 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
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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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