Share-Based Payment Awards (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the six months ended June 30, 2024:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2024		6,304,767		$	9.98
Granted		1,843,282			20.89
Exercised		(521,716	)		9.43
Forfeited		(140,386	)		7.60
Expired		(59,256	)		22.96
Outstanding at June 30, 2024		7,426,691		$	12.67		7.83	$	10,801
Exercisable at June 30, 2024		3,139,191		$	12.14		6.43	$	4,456

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards during the six months ended June 30, 2024, the Company applied the Black-Scholes option pricing model based on the following key assumptions:

Option life (in years)	5.50 - 6.08
Stock volatility	97% - 100%
Risk-free interest rate	3.84% - 4.60%
Expected dividends	0.0%

Summary of Information about Stock Options

The following table summarizes information about employee, non-executive director and external consultant stock options for the six months ended June 30, 2024 (in thousands except per share amount):

	Six Months
	Ended
	June 30, 2024
Weighted average grant date fair value per share	$	16.62
Total cash received from exercise of stock options		4,917
Total intrinsic value of stock options exercised		7,269

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the six months ended June 30, 2024:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2024		1,333,192		$	5.31
Granted		636,100			20.40
Vested		(557,000	)		6.23
Forfeited		(33,469	)		7.57
Nonvested at June 30, 2024		1,378,823		$	11.85

Compensation Expense from Stock-Based Payment Awards

The Company’s condensed consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
Compensation expense included in:
Research and development	$	3,610	$	902		$	11,438	$	2,142
Sales and marketing		—		(200	)		—		230
General and administrative		5,085		1,086			9,956		2,466
	$	8,695	$	1,788		$	21,394	$	4,838