XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation Expense Related to Stock Options
The Company recorded stock-based compensation expense in the following expense categories of its condensed statements of operations for the periods shown (in thousands):
Three Months Ended March 31,
20242023
General and administrative$1,646 $958 
Research and development838 432 
Total stock-based compensation$2,484 $1,390 
Summary of Assumptions Used for Valuation of Fair Value of Stock Options
The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the three months ended March 31, 2024 and 2023 with the following weighted average assumptions:
Three Months Ended March 31,
20242023
Risk-free interest rate
3.82% - 4.33%
3.58% - 4.13%
Expected term (in years)
5.3 - 6.1
5.8 - 6.1
Expected volatility
101% - 104%
90%
Expected dividend yield0%0%
Summary of Stock Option Activity
The following table reflects summarized stock option activity:
Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20237,523,947$4.01 
Granted2,491,550$3.87 
Outstanding as of March 31, 202410,015,497$3.98 8.0$10,392 
Vested and exercisable as of March 31, 20244,516,852$3.30 7.0$8,062 
Summary of Nonvested Restricted Stock Units Activity
Number of SharesWeighted Average Grant Date Fair Value
Unvested as of December 31, 2023328,500$6.11 
Granted1,204,640 $4.15 
Vested(109,493)$6.11 
Unvested as of March 31, 20241,423,647 $4.45