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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the Company’s stock option activity and related information under all equity plans, excluding performance and market awards:

						Number of Options						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022						4,191,426						$	3.18					9.1						$	6
Granted						2,794,596						$	1.64
Forfeited						(411,588)						$	3.55
Outstanding at June 30, 2023						6,574,434						$	2.50					9.0						$	2
Vested and exercisable at June 30, 2023						1,247,904						$	3.63					7.9						$	2

Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option

						Number of Options						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022						5,368,501						$	9.92					9.0						$	—
Forfeited						(201,952)						$	9.92
Outstanding at June 30, 2023						5,166,549						$	9.92					8.4						$	—
Vested and exercisable at June 30, 2023						1,436,378						$	9.92					8.1						$	—

The following table summarizes the Company’s restricted stock units activity and related information under all equity plans:

						Number of Restricted Stock Units						Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2022						447,948						$	2.50
Forfeited						(112,064)						$	2.50
Outstanding at June 30, 2023						335,884						$	2.50

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used to determine the grant date fair value of non-market based, stock options granted were as follows, presented on a weighted-average basis:

						Six Months Ended June 30,
						2023						2022
Expected term (in years)						5.9						5.8
Expected volatility						83%						78%
Risk-free interest rate						3.5%						3.0%
Dividend yield						—						—

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation expense was as follows (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
General and administrative						$	3,081					$	7,863					$	6,320					$	8,322
Research and development						353						1,362						877						1,564
Total stock-based compensation expense						$	3,434					$	9,225					$	7,197					$	9,886

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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 significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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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