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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Valuation

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees, directors and non-employees.

			Three Months Ended March 31,
			2024						2023
Risk-free interest rate			4.1		%				3.6		%
Expected term (in years)			6.1						6.0
Expected volatility			95.7		%				90.8		%
Expected dividend yield			0		%				0		%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2024:

			Number of Shares						Weighted Average Exercise Price						Weighted Average Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023			6,008,541						$	2.97					8.6						$	24
Granted			2,387,467						0.93
Forfeited and Expired			(313,170)						2.11
Outstanding as of March 31, 2024			8,082,838						$	2.40					8.8						$	2,123
Exercisable as of March 31, 2024			1,535,408						$	7.44					6.0						$	113
Vested and expected to vest as of March 31, 2024			6,136,867						$	2.79					8.6						$	1,501

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Restricted Stock Units— The following table summarizes the Company's restricted stock unit activity for the three months ended March 31, 2024:

			Number of Shares
Unvested as of December 31, 2023			3,118,824
Granted			5,882,459
Vested			(503,186)
Forfeited			(126,511)
Unvested as of March 31, 2024			8,371,586

Summary of Stock-Based Compensation Expense Classification

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

			Three Months Ended March 31,
(in thousands)			2024						2023
Research and development expense			$	783					$	831
Selling, general and administrative expense			956						814
Total stock-based compensation			$	1,739					$	1,645

Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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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.

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