XML 38 R23.htm IDEA: XBRL DOCUMENT v3.24.2.u1

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Share-based Compensation

Share-based compensation expense is comprised of the Company's stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023 as follows:

			FOR THE THREE MONTHS ENDED JUNE 30,												FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands)			2024						2023						2024						2023
Research and development			$	772					$	1,180					$	1,541					$	2,243
General and administrative			1,143						1,512						2,462						3,494
			$	1,915					$	2,692					$	4,003					$	5,737

Schedule of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2024:

Stock Options						Number of Option Shares						Weighted-Average Exercise Price						Weighted-Average Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023						4,270,544						$	9.98					8.5						$	—
Granted						1,119,039						$	1.89
Forfeited						(556,235)						$	9.62
Expired						(17,801)						$	12.54
Exercised						—						$	—
Outstanding at June 30, 2024						4,815,547						$	8.13					7.6						$	—
Options exercisable at June 30, 2024						2,299,367						$	10.38					6.4						$	—

Schedule of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the six months ended June 30, 2024 and 2023 was determined using the Black-Scholes option pricing model with the following assumptions:

						FOR THE SIX MONTHS ENDED JUNE 30,
						2024						2023
Expected volatility						89.41% - 94.48%						89.14% - 92.27%
Expected term (years)						5.50 - 6.02						5.50 - 6.08
Risk free interest rate						3.93% - 4.35%						3.58% - 4.52%
Expected dividend yield						—						—
Exercise price						$1.86 - $2.40						$5.38 - $7.83

Schedule of Unvested Restricted Common Stock Awards

A summary of the status of the Company's unvested restricted common stock awards at June 30, 2024 and changes during the six months ended June 30, 2024 was as follows:

Restricted Stock Awards						Shares						Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock awards at December 31, 2023						354,394						$	4.10
Granted						—						$	—
Vested						(179,858)						$	3.45
Forfeited						(18,556)						$	16.03
Outstanding unvested restricted stock awards at June 30, 2024						155,980						$	3.43

Schedule of Unvested Restricted Common Stock Units

A summary of the status of the Company's unvested restricted common stock units at June 30, 2024 and changes during the six months ended June 30, 2024 was as follows:

Restricted Stock Units						Shares						Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2023						220,250						$	8.55
Granted						295,980						$	1.83
Forfeited						(101,340)						$	7.60
Vested						(1,925)						$	7.68
Outstanding unvested restricted stock units at June 30, 2024						412,965						$	3.97

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ 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

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration