Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows:

	Three Months Ended March 31,
(in thousands)	2024			2023
Research and development	$	(274	)	$	3,423
General and administrative		5,308			6,606
Total stock-based compensation expense	$	5,034		$	10,029

Summary of Restricted Common Stock Activity

The following table summarizes restricted common stock activity for the three months ended March 31, 2024:

	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2024		3,254,863		$	8.73
Granted		—			—
Forfeited		(957,148	)		8.13
Vested		(732,774	)		8.12
Unvested at March 31, 2024		1,564,941		$	9.37

Summary of Stock Option Activity

The following table summarizes stock option activity (in thousands, except share and per share data):

	Shares			Weighted Average Exercise Price		Weighted Average Contractual Life (in years)		Aggregate Intrinsic Value
Options outstanding at January 1, 2024		10,439,751		$	13.81		7.95	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(1,845,750	)		8.61		—		—
Options outstanding at March 31, 2024		8,594,001		$	14.93		7.54	$	—
Options vested and exercisable at March 31, 2024		5,972,960		$	16.44		7.29	$	—

Schedule of Estimated Fair Value Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model

fair value was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

	Three Months Ended March 31, 2023
Expected term (in years)		6.11
Expected volatility		94.50	%
Risk-free interest rate		3.46	%
Expected dividend yield	—
Fair value of common stock	$	6.63