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Equity Incentive Awards | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Awards | Stockholders' Equity February 2024 Private Placements On February 7, 2024, the Company entered into a securities purchase agreement, pursuant to which the Company sold 10.5 million shares of its common stock and, in lieu of common stock, pre-funded warrants to purchase an aggregate of 75,000 shares of common stock (the “Pre-Funded Warrants”) to certain institutional and accredited investors in a private placement. The purchase price per share was $12.00, or $11.999 per Pre-Funded Warrant, which represents the purchase price per share minus the $0.001 per share exercise price of each Pre-Funded Warrant. Such Pre-Funded Warrants can be exercised at any time and have no expiration date. The exercise of the outstanding Pre-Funded Warrants is subject to a beneficial ownership limitation of 9.99%. The Pre-Funded Warrants were classified as a component of stockholders' equity. As of March 31, 2024, none of the Pre-Funded Warrants had been exercised. Concurrently, the Company also entered into a securities purchase agreement with two directors of the Company (together with the private placement to certain institutional and accredited investors, the “Private Placements”). The Company issued and sold 23,000 shares at $13.50 per share on otherwise substantially the same terms as those set forth in the Securities Purchase Agreement. At the close of the Private Placements on February 7, 2024, the Company received total gross proceeds of $127.8 million, before deducting placement agent fees and offering expenses. Equity Incentive Awards Stock Options The following table summarizes the Company’s option activity and related information:
| Number of Options (in thousands) |  | Weighted- Average Exercise Price
Balance at December 31, 2023 | 2,303 |  |  | $ | 48.71 |
Options granted | 557 |  |  | 18.51 |
Options exercised | (14) |  |  | 10.14 |
Options forfeited | (86) |  |  | 28.44 |
Balance at March 31, 2024 | 2,760 |  |  | $ | 43.43 |
Exercisable as of March 31, 2024 | 1,253 |  |  | $ | 73.42 |
Restricted Stock Units (“RSUs”) The following table summarizes the Company’s RSUs activity and related information:
| Number of Units (in thousands) |  | Weighted- Average Grant- Date Fair Value
Outstanding at December 31, 2023 | 154 |  |  | $ | 21.73 |
Granted | 73 |  |  | 19.21 |
Vested and released | (25) |  |  | 27.41 |
Forfeited | (4) |  |  | 10.81 |
Outstanding at March 31, 2024 | 198 |  |  | $ | 20.33 |
Stock-Based Compensation Expense The following table presents, by operating expense, the Company’s stock-based compensation expense:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | (In thousands)
Research and development |  |  |  |  | $ | 1,120 |  |  | $ | 1,381 |
General and administrative |  |  |  |  | 3,046 |  |  | 3,182 |
Total stock-based compensation expense |  |  |  |  | $ | 4,166 |  |  | $ | 4,563 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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