v3.23.1

Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the three months ended March 31, 2023:
| Stock Option Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2023 | 2,990,423 |  |  | $ | 19.28 |  |  | 8.59 |  | $ | 2,849 |
Granted | 1,261,506 |  |  | 9.60 |  |  |  |  |
Exercised | (1,983) |  |  | 4.45 |  |  |  |  |
Expired/cancelled | (403,581) |  |  | 20.20 |  |  |  |  |
Outstanding as of March 31, 2023 | 3,846,365 |  |  | $ | 16.51 |  |  | 8.73 |  | $ | 1,259 |
Options exercisable as of March 31, 2023 | 851,373 |  |  | $ | 18.56 |  |  | 6.81 |  | $ | 1,127 |
Vested and expected to vest as of March 31, 2023 | 3,846,365 |  |  | $ | 16.51 |  |  | 8.73 |  | $ | 1,259 |
Summary of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity | The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Selling, general and administrative | $ | 1,640 |  |  | $ | 1,101 |  |  |  |  |
Research and development | 1,100 |  |  | 680 |  |  |  |  |
Total | $ | 2,740 |  |  | $ | 1,781 |  |  |  |  |
Stock Options Valuation Assumptions | The calculation was based on the following assumptions:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Weighted average grant date fair value (per share) | $8.57 |  | $14.80 |  |  |  |
Risk-free interest rate | 3.42% - 4.17% |  | 1.46% - 1.76% |  |  |  |
Expected volatility | 89.94% - 95.72% |  | 85.99% - 86.25% |  |  |  |
Expected term (in years) | 5.8 - 6.1 |  | 6.1 |  |  |  |
Expected dividend yield | — |  | — |  |  |  |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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