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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model | The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
Estimated fair values of stock options granted |  | $ | 11.59 |  |  | $ | — |
Assumptions: |  |  |  |
Risk-free interest rate |  | 4.5 | % |  | — | %
Expected volatility |  | 99.8% - 102.5% |  | — | %
Expected term (in years) |  | 5.0 - 5.5 |  | — |
Schedule of Stock Option Activity | Information on stock option activity is as follows:
|  | Options Exercisable |  | Weighted Average Exercise Price Per Share |  | Options Outstanding |  | Weighted Average Exercise Price Per Share
Balance as of December 31, 2023 |  | 108,781 |  | $ | 365.07 |  |  | 109,521 |  | $ | 367.35 |
Granted |  | — |  | — |  |  | 41,396 |  | 14.82 |
Vested |  | 18,726 |  | 31.59 |  |  | — |  | — |
Exercised |  | — |  | — |  |  | — |  | — |
Forfeited |  | — |  | — |  |  | (18) |  | 227.00 |
Balance as of September 30, 2024 |  | 127,507 |  | $ | 316.09 |  |  | 150,899 |  | $ | 270.66 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense related to stock option awards is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense |  | $ | 78 |  |  | $ | 40 |  |  | $ | 346 |  |  | $ | 1,835 |
Stock-based compensation expense related to RSAs is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense |  | $ | 2,418 |  |  | $ | 5,631 |  |  | $ | 7,274 |  |  | $ | 7,555 |
Stock-based compensation expense related to RSUs is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense |  | $ | 191 |  |  | $ | 157 |  |  | $ | 410 |  |  | $ | 2,550 |
Stock-based compensation expense related to PSUs is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation benefit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (270) |
Certain condensed consolidated statement of operations amounts were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense: |  |  |  |  |  |  |  |
Research and development |  | $ | 807 |  |  | $ | 2,853 |  |  | $ | 2,467 |  |  | $ | 5,531 |
Selling, general, and administrative |  | 1,880 |  |  | 2,975 |  |  | 5,563 |  |  | 6,139 |
Total |  | $ | 2,687 |  |  | $ | 5,828 |  |  | $ | 8,030 |  |  | $ | 11,670 |
Schedule of Nonvested Share Activity | Information on Class A restricted stock award activity is as follows:
| Restricted Stock Awards |  | Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2023 | 640,060 |  | $ | 31.50 |
Granted | — |  | — |
Vested | (245,172) |  | 31.50 |
Forfeited | (2,791) |  | 31.50 |
Unvested balance as of September 30, 2024 | 392,097 |  | $ | 31.50 |
Information on restricted stock unit activity is as follows:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2023 | 147,222 |  | $ | 18.21 |
Granted | 65,019 |  | 18.60 |
Vested | (36,476) |  | 18.46 |
Forfeited | (60,224) |  | 18.15 |
Unvested balance as of September 30, 2024 | 115,541 |  | $ | 18.38 |
Schedule of Grant Date Fair Value of Awards Vested | The total fair value of RSAs that vested is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of shares vested |  | $ | 511 |  |  | $ | 964 |  |  | $ | 3,230 |  |  | $ | 1,145 |
The total fair value of RSUs that vested is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of shares vested |  | $ | — |  |  | $ | 92 |  |  | $ | 629 |  |  | $ | 2,126 |
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award, Performance-Based Units, Vested and Expected to Vest | The total fair value of PSUs that vested is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In Thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of shares vested |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,005 |

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