Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Employee and Non-Employee Stock-Based Compensation Expense

The following table summarizes employee and non-employee stock-based compensation expense for the years ended December 31, 2022 and 2021 and the allocation within the statements of operations and comprehensive loss (in thousands):

	2022		2021
General and administrative expense	$	10,225	$	14,792
Research and development expense		6,393		15,061
Total stock-based compensation	$	16,618	$	29,853

Service Based Stock Options

Summary of Stock Options Activity

Activity for service-based stock options under the Quince 2019 Plan is as follows:

	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance at December 31, 2020		4,790,327		$	25.47		8.69	$	49,723
Options granted		1,436,116			35.20	—		—
Options exercised		(531,190	)		12.82	—		—
Options cancelled / forfeited		(123,960	)		47.09	—		—
Balance at December 31, 2021		5,571,293		$	28.70		8.26	$	15,687
Options granted		2,051,058			8.13	—		—
Options exercised		(102,152	)		1.45	—		—
Options cancelled / forfeited		(4,200,488	)		29.30	—		—
Balance at December 31, 2022		3,319,711		$	16.07		4.77	$	65
Options vested and expected to vest to December 31, 2022		3,319,711			16.07		4.77		65
Options exercisable at December 31, 2022		2,209,330		$	20.13		2.52	$	65

Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation

The following weighted average assumptions were used to calculate the fair value of stock-based compensation for the years ended December 31, 2022 and 2021:

	2022			2021
Expected volatility		89.98	%		87.56	%
Expected dividend yield		—	%		—	%
Expected term (in years)		6.23			6.23
Risk-free interest rate		2.67	%		1.15	%

Service Based Stock Options | Novosteo

Summary of Stock Options Activity

Activity for service-based stock options under the 2019 Novosteo Plan is as follows:

	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance at December 31, 2021		—			—		—		—
Options assumed		507,648		$	0.55		—		—
Options exercised		—			—		—		—
Options cancelled / forfeited		(4,543	)		0.55		—		—
Balance at December 31, 2022		503,105		$	0.55		9.23	$	44
Options vested and expected to vest as of December 31, 2022		503,105			0.55		9.23		44
Options exercisable as of December 31, 2022		—			—		—		—

Service Based Stock Options | 2022 Inducement Plan

Summary of Stock Options Activity

Activity for service-based stock options under the 2022 Inducement Plan is as follows:

	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance at December 31, 2021		—			—		—		—
Options granted		3,744,255		$	2.98		—		—
Options exercised		—			—		—		—
Options cancelled / forfeited		(2,000	)		2.98		—		—
Balance at December 31, 2022		3,742,255		$	2.98		9.39	$	—
Options vested and expected to vest as of December 31, 2022		3,742,255			2.98		9.39		—
Options exercisable as of December 31, 2022		—			—		—		—

Performance Stock Options

Summary of Stock Options Activity

The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information:

	Shares Subject to Outstanding PSOs			Weighted Average Exercise Price		Weighted average remaining contractual life (years)
Balance at December 31, 2021		675,000		$	29.60		8.94
Surrendered		(675,000	)	$	29.60
Vested	—			—		—
Balance at December 31, 2022	—			—		—

Market Based Performance Stock Options

Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation

The Company estimated the grant date fair value of its market-based performance stock option awards granted during the year ended December 31, 2021 using a Monte Carlo Simulation method by applying the following assumptions:

Expected share price volatility	95.0	%
Contractual term, in years	10
Risk-free interest rate	0.90	%

Restricted Stock Awards (RSAs)

Summary of Stock Options Activity

Restricted Stock Awards (“RSAs”)

	Restricted Stock Awards Outstanding
	Number of Shares			Weighted Average Grant Date Fair Value
Unvested - December 31, 2021	—			—
RSAs assumed		519,216		$	3.30
RSAs vested		(91,815	)	$	—
RSAs cancelled		-		$	—
Unvested - December 31, 2022		427,401		$	3.30

Restricted Stock Units (RSUs)

Summary of Stock Options Activity

The following table summarizes activity under the Company’s RSUs from the Quince 2019 Plan and related information:

	Restricted Stock Units Outstanding
	Number of Shares			Weighted Average Grant Date Fair Value
Unvested - December 31, 2021	—			—
RSUs granted		1,013,500		$	4.30
RSUs vested		(388,147	)	$	4.30
RSUs cancelled		(594,477	)	$	4.30
Unvested - December 31, 2022		30,876		$	4.30