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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 | 9. Stock-based Compensation Pursuant to the terms of the Company’s 2014 Equity Incentive Plan (“2014 Plan”), on January 1, 2024 and 2023, the Company automatically added 1,916,962 and 1,901,960 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. 2024 Equity Incentive Plan In April 2024, the Company’s board of directors adopted the 2024 Equity Incentive Plan (“2024 Plan”), which was subsequently approved by the Company’s stockholders and became effective on June 19, 2024. The 2024 Plan is the successor to the 2014 Plan. The 2014 Plan terminated on February 11, 2024 and no new grants may be made under the 2014 Plan after that date, although all outstanding awards granted under the 2014 Plan will continue to be subject to the terms and conditions as set forth in the agreements evidencing such awards and the terms of the 2014 Plan. The purpose of the 2024 Plan is to allow the Company to utilize equity incentives in order to secure and retain the services of the Company's employees, directors, and consultants, and to provide long-term incentives that align the interests of the Company's employees, directors, and consultants with the interests of the Company's stockholders. The aggregate number of shares of the Company's common stock that may be issued under the 2024 Plan will not exceed the sum of (i) 6,150,000 new shares, plus (ii) certain shares subject to outstanding awards granted under the 2014 Plan that may become available for grant under the 2024 Plan as such shares become available from time to time. As of June 30, 2024, there were 5,874,196 shares of common stock available for future issuance under the 2024 Plan. 2015 Inducement Award Plan As of June 30, 2024, there were 637,050 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”). During both the six months ended June 30, 2024 and 2023, there were options to purchase zero shares of the Company’s common stock granted under the 2015 Plan. The activity for the Company’s 2024 Plan, 2014 Plan, and 2015 Plan, for the six months ended June 30, 2024, is summarized as follows:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value ($000) |
Outstanding — December 31, 2023 |  |  | 1,867,795 |  |  | $ | 10.72 |  |  |  | 6.10 |  |  | $ | 184 |
Granted |  |  | 1,000,060 |  |  | $ | 1.86 |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | (25,047 | ) |  | $ | 36.36 |  |  |  |  |  |  |
Outstanding — June 30, 2024 |  |  | 2,842,808 |  |  | $ | 7.38 |  |  |  | 7.04 |  |  | $ | 254 |
Exercisable — June 30, 2024 |  |  | 1,545,764 |  |  | $ | 11.78 |  |  |  | 5.22 |  |  | $ | 59 |
Vested or expected to vest — June 30, 2024 |  |  | 2,842,808 |  |  | $ | 7.38 |  |  |  | 7.04 |  |  | $ | 254 |
Restricted stock unit (“RSU”) activity under the 2024 Plan, 2014 Plan, and 2015 Plan for the six months ended June 30, 2024, is summarized as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2023 |  |  | 1,886,374 |  |  | $ | 2.28 |
Granted |  |  | 2,015,940 |  |  | $ | 1.88 |
Vested |  |  | (629,849 | ) |  | $ | 3.00 |
Forfeited |  |  | (9,120 | ) |  | $ | 2.15 |
Non-vested at June 30, 2024 |  |  | 3,263,345 |  |  | $ | 1.89 |
The fair value of RSUs is based on the market price of the Company’s common stock on the date of grant. RSUs generally vest 33% annually over a three-year period from the date of grant. Upon vesting, the RSUs generally are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period. Compensation Cost The compensation cost that has been charged against income for stock awards was $0.8 million and $0.7 million for the three months ended June 30, 2024 and 2023, and was $1.5 million and $1.4 million for the six months ended June 30, 2024 and 2023, respectively. The total income tax benefit recognized in the statements of operations for share-based compensation arrangements was zero for each of the three and six months ended June 30, 2024 and 2023. Stock-based compensation expense related to stock options is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 216 |  |  | $ | 301 |  |  | $ | 411 |  |  | $ | 675 |
Selling, general and administrative |  |  | 543 |  |  |  | 427 |  |  |  | 1,053 |  |  |  | 760 |
Total |  | $ | 759 |  |  | $ | 728 |  |  | $ | 1,464 |  |  | $ | 1,435 |

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