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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 2023:
| Options |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022 | 3,356,937 |  | $ | 1.01 |  |  |  |  |
Sesen Bio options assumed in the Merger | 765,223 |  | 27.94 |  |  |  |  |
Exercised | (49,770) |  | 1.72 |  |  |  |  | $ | 190 |
Granted | 2,805,152 |  | 7.14 |  |  |  |  |
Forfeited | (87,275) |  | 4.70 |  |  |  |  |
Expired | (274,922) |  | 23.52 |  |  |  |  |
Outstanding as of September 30, 2023 | 6,515,345 |  | $ | 6.28 |  |  | 7.30 |  | $ | 10,191 |
Exercisable as of September 30, 2023 | 3,038,911 |  | $ | 6.71 |  |  | 5.06 |  | $ | 8,068 |
Vested and expected to vest at September 30, 2023 | 6,515,345 |  | $ | 6.28 |  |  | 7.30 |  | $ | 10,191 |
Schedule of Estimated Using The Black-Scholes Option-Pricing Model | The fair values in the nine months ended September 30, 2023 and 2022 were estimated using the Black-Scholes option-pricing model based on the following assumptions:
| Nine Months Ended September 30,
| 2023 |  | 2022
Risk-free interest rate | 2.92% - 4.03% |  | 2.40% - 3.05%
Expected term | 6 years |  | 6 years
Expected volatility | 57.77% - 65.00% |  | 54.54% - 56.50%
Expected dividend yield | — |  |  | — |
Schedule of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying unaudited consolidated statements of operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Research and development | $ | 418 |  |  | $ | 45 |  |  | $ | 452 |  |  | $ | 122 |
General and administrative | 430 |  |  | 43 |  |  | 991 |  |  | 113 |
| $ | 848 |  |  | $ | 88 |  |  | $ | 1,443 |  |  | $ | 235 |

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