XML 39 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock Based Compensation Plan (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | A summary of stock option activity is set forth below (shares in thousands):
|  | Options Outstanding |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual Life |  |  | Value |
|  | Options |  |  | Price |  |  | (In years) |  |  | (In thousands) |
Outstanding – December 31, 2022 |  |  | 3,896 |  |  | $ | 2.43 |  |  |  | 8.44 |  |  |  |
Granted |  |  | 1,805 |  |  |  | 0.86 |  |  |  |  |  |  |
Exercised |  |  | (6 | ) |  |  | 0.56 |  |  |  |  |  |  |
Forfeited |  |  | (646 | ) |  |  | 2.40 |  |  |  |  |  |  |
Expired |  |  | (297 | ) |  |  | 2.20 |  |  |  |  |  |  |
Outstanding – September 30, 2023 |  |  | 4,752 |  |  |  | 1.85 |  |  |  | 8.14 |  |  | $ | — |
Exercisable – September 30, 2023 |  |  | 2,213 |  |  |  | 1.93 |  |  |  | 7.33 |  |  |  | — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Expected term (in years) |  |  | 6.02 |  |  |  | 6.05 |  |  |  | 5.85 |  |  |  | 6.00 |
Expected volatility |  |  | 84.66 | % |  |  | 83.46 | % |  |  | 85.86 | % |  |  | 80.94 | %
Risk-free rate |  |  | 4.19 | % |  |  | 2.95 | % |  |  | 3.89 | % |  |  | 1.94 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of RSA Activity | The following table summarizes the Company’s restricted stock award activity (shares in thousands):
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
RSAs, unvested at December 31, 2022 |  |  | 105 |  |  | $ | 9.74 |
Vested |  |  | (36 | ) |  |  | 9.68 |
RSAs, unvested at September 30, 2023 |  |  | 69 |  |  |  | 9.78 |
Summary of RSU Activity | Restricted Stock Units The following table summarizes the Company’s restricted stock unit, or RSU, activity (shares in thousands):
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
RSU, unvested at December 31, 2022 |  |  | — |  |  | $ | — |
Granted |  |  | 1,345 |  |  |  | 0.51 |
RSU, unvested at September 30, 2023 |  |  | 1,345 |  |  |  | 0.51 |
Schedule of Stock-Based Compensation Expense | The total stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 215 |  |  | $ | 359 |  |  | $ | 882 |  |  | $ | 1,047 |
General and administrative |  |  | 698 |  |  |  | 718 |  |  |  | 2,318 |  |  |  | 1,925 |
Total stock-based compensation expense |  | $ | 913 |  |  | $ | 1,077 |  |  | $ | 3,200 |  |  | $ | 2,972 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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. + 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
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration