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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION As of June 30, 2024, there is an aggregate of approximately 2.0 million shares of common stock available for issuance under the Company’s equity incentive plans. Approximately 4.7 million shares of common stock remain available for issuance under the 2017 ESPP. 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 | %
Stock Options 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 |  | $ | — |
The weighted average grant-date fair value per share of stock options granted during the six months ended June 30, 2024 and 2023 was $0.86 and $1.05, respectively. 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 |
During the six months ended June 30, 2024, the Company granted performance-based restricted stock units (“PRSUs”) to its employees. The PRSUs vest 50% based on the Company’s achievement of each of two operational milestones conditioned on the grantee’s continued employment with the Company. As of June 30, 2024, neither of the two performance criteria had been met. Stock-based compensation expense has been recognized for awards for which vesting is considered probable using the accelerated attribution model based on the fair value of the awards as of the date of grant and management’s best estimate of the date the probable operational milestone will be achieved. The Company updates its estimates related to the probability and timing of achievement of the operational milestones each period until the award either vests or is forfeited. Stock-Based Compensation— As of June 30, 2024, total unrecognized compensation expense related to unvested stock options and restricted stock units was $8.5 million, which is expected to be recognized over a weighted average period of 2.2 years. 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 |  |  |  |  |

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