v3.24.3

Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity under the Plans for the nine months ended September 30, 2024 was as follows:

		Shares				Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2023			105,048			$	3.20
Granted			984,929			$	5.49
Vested			(27,869	)		$	3.29
Forfeited			(194,636	)		$	4.28
Restricted stock units outstanding as of September 30, 2024			867,472			$	5.56

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the nine months ended September 30, 2024 was as follows:

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023			5,709,980			$	5.68				8.0			$	6,334
Granted			2,605,002				4.89
Exercised			(1,002	)			3.96
Cancelled			(1,926,891	)			4.83
Outstanding at September 30, 2024			6,387,089			$	5.61				7.9			$	—

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Certain Options Granted to Executive Officers

The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, or a Monte Carlo simulation in the case of certain options granted to executive officers, with the following weighted-average assumptions for the three and nine months ended September 30, 2024 and 2023:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Risk-free interest rate			0.0	%			4.3	%			4.2	%			3.7	%
Expected dividend yield			—	%			—	%			—	%			—	%
Expected term (in years)			—				6.1				6.0				6.0
Expected volatility			0.0	%			80.0	%			80.5	%			82.9	%

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Research and development		$	214			$	294			$	627			$	865
General and administrative			1,277				1,147				4,150				3,540
Total		$	1,491			$	1,441			$	4,777			$	4,405

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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.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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