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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 4.4 | % |  | 4.0 | % |  | 4.2 | % |  | 3.8 | %
Expected term (in years) | 6.1 |  | 6.1 |  | 6.1 |  | 6.0
Expected volatility | 96.5 | % |  | 93.4 | % |  | 96.0 | % |  | 92.1 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | % |  | 0 | %
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the six months ended June 30, 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 | 4,373,875 |  |  | 1.09 |  |  |  |  |
Forfeited and Expired | (476,118) |  |  | 2.12 |  |  |  |  |
Outstanding as of June 30, 2024 | 9,906,298 |  |  | $ | 2.18 |  |  | 8.8 |  | $ | — |
Exercisable as of June 30, 2024 | 1,813,063 |  |  | $ | 6.55 |  |  | 6.2 |  | $ | — |
Vested and expected to vest as of June 30, 2024 | 7,672,558 |  |  | $ | 2.47 |  |  | 8.6 |  | $ | — |
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 six months ended June 30, 2024:
| Number of Shares
Unvested as of December 31, 2023 | 3,118,824 |
Granted | 6,242,459 |
Vested | (829,851) |
Forfeited | (313,961) |
Unvested as of June 30, 2024 | 8,217,471 |
Summary of Stock-Based Compensation Expense Classification | Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Research and development expense | $ | 1,182 |  |  | $ | 1,120 |  |  | $ | 1,965 |  |  | $ | 1,951 |  |  |  |  |
Selling, general and administrative expense | 1,246 |  |  | 1,022 |  |  | 2,202 |  |  | 1,836 |  |  |  |  |
Total stock-based compensation | $ | 2,428 |  |  | $ | 2,142 |  |  | $ | 4,167 |  |  | $ | 3,787 |  |  |  |  |
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity | Stock Appreciation Rights— On February 13, 2024, (the “Grant Date”), the compensation committee of the Board of Directors approved the grant of stock appreciation rights (“SARs”), pursuant to the 2017 Plan, to the Company’s executive officers. The SARs have a measurement price per SAR equal to $0.92, the closing price per share of the Company’s common stock on the Grant Date, and each grant of SARs will have a maximum term of ten years from the Grant Date. Unless otherwise determined by the Board of Directors, the SARs will be settled in cash upon exercise. The settlement value will be based on the difference between the closing price of the Company’s common stock on the date of settlement less $0.92 multiplied by the number of SARs exercised. The SARs will vest and become exercisable in equal annual installments on the first, second, and third anniversaries of the Grant Date, subject to the recipient remaining an employee of the Company through and including each applicable vesting date.

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- 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
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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 -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
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- Definition 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. + 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
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- Definition 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. + 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
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- 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
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