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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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,
			2024						2023						2024						2023
Research and development			$	3,264					$	2,199					$	6,093					$	4,661
Selling, general and administrative			3,387						2,192						6,111						4,563
Total stock-based compensation expense			$	6,651					$	4,391					$	12,204					$	9,224

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,
			2024						2023
Expected dividend yield			0%						0%
Expected volatility			94.9% -114.3%						94.4% - 94.9%
Risk-free interest rate			4.0% - 4.7%						3.5% - 3.9%
Expected term			6.06 years						5.88 years

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the six months ended June 30, 2024:

			Shares						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value  (in thousands)
Outstanding, December 31, 2023			12,223,637						$	15.11					6.7
Granted			1,903,482						16.45
Exercised			(330,641)						9.43
Forfeited			(119,105)						11.80
Expired			(171,485)						22.83
Outstanding, June 30, 2024			13,505,888						15.37						6.7						$	160
As of June 30, 2024:
Exercisable			8,404,002						18.11						5.4						111
Vested and expected to vest			12,415,387						15.78						6.5						148

Schedule of RSU Activity

The following table summarizes RSU activity during the six months ended June 30, 2024:

			Shares						Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2023			905,614						$	5.97
Granted			649,715						17.04
Vested			(415,591)						7.09
Forfeited			(24,141)						13.14
Outstanding, June 30, 2024			1,115,597						11.84

Stock Option Additional Information [Table]

The following table summarizes additional information on stock options (in thousands, except per share amounts):

									Six Months Ended June 30,
															2024						2023
Weighted-average fair value per share of stock options granted															$	12.99					$	3.78
Total intrinsic value of stock options exercised															$	2,615					$	56
Total cash received for stock options exercised															$	3,117					$	36
Total grant date fair value of stock options vested															$	7,344					$	3,533

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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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