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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Expense | The Company recognized share-based compensation expense by function as follows:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023
Research and development |  |  |  |  |  | $ | 2,904 |  |  | $ | 3,278 |
General and administrative |  |  |  |  |  | 2,791 |  |  | 2,777 |
Total share-based compensation expense |  |  |  |  |  | $ | 5,695 |  |  | $ | 6,055 |
The Company recognized share-based compensation expense by award type as follows:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023
Stock options |  |  |  |  |  | $ | 3,827 |  |  | $ | 3,569 |
Restricted stock units |  |  |  |  |  | 1,563 |  |  | 1,926 |
Employee share purchase plan |  |  |  |  |  | 152 |  |  | 409 |
Performance restricted stock units |  |  |  |  |  | 153 |  |  | 151 |
Total share-based compensation expense |  |  |  |  |  | $ | 5,695 |  |  | $ | 6,055 |
Schedule of Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of each option issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Risk-free interest rate |  |  |  |  | 4.3 | % |  | 3.7 | %
Expected volatility |  |  |  |  | 54.1 | % |  | 49.9 | %
Expected term (years) |  |  |  |  | 6.0 |  | 6.2
Dividend yield |  |  |  |  | — | % |  | — | %
Schedule of Stock Options Roll Forward | The following table summarizes stock option activity awarded to OmniAb employees and directors under the Company’s equity award plans:
| Shares |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)(1)
Outstanding at January 1, 2024 | 14,795,859 |  |  | $ | 6.50 |  |  |  |  |
Granted | 2,823,625 |  |  | $ | 5.65 |  |  |  |  |
Exercised | (269,671) |  |  | $ | 3.72 |  |  |  |  |
Cancelled/Expired | (143,997) |  |  | $ | 8.20 |  |  |  |  |
Outstanding at March 31, 2024 | 17,205,816 |  |  | $ | 6.39 |  |  | 8.5 |  | $ | 15,346 |
Exercisable at March 31, 2024 | 5,483,912 |  |  | $ | 8.43 |  |  | 7.6 |  | $ | 4,003 |
_____________ (1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at March 31, 2024.
Summary of RSU and PRSU Activity | The following table summarizes RSU activity during the three months ended March 31, 2024 under the Company’s equity awards plans:
| Shares |  | Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024 | 1,878,381 |  |  | $ | 5.61 |
Granted | 752,064 |  |  | $ | 5.64 |
Vested | (296,489) |  |  | $ | 10.42 |
Forfeited | (9,543) |  |  | $ | 5.53 |
Unvested balance at March 31, 2024 | 2,324,413 |  |  | $ | 5.00 |
Summary of RSU and PRSU Activity | The following table summarizes the PRSU activity during the three months ended March 31, 2024, under the Company’s equity awards plans:
| Shares |  | Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024 | 94,749 |  |  | $ | 16.11 |
Granted | — |  |  | $ | — |
Vested | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
Unvested balance at March 31, 2024 | 94,749 |  |  | $ | 16.11 |

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