Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024			2023
Research and development	$	194	$	3,514	$	(80	)	$	6,937
General and administrative		5,714		6,774		11,022			13,380
Total stock-based compensation expense	$	5,908	$	10,288	$	10,942		$	20,317

Summary of Restricted Common Stock Activity

The following table summarizes restricted common stock activity for the six months ended June 30, 2024:

	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2024		3,254,863		$	8.73
Granted		245,000			0.77
Forfeited		(1,126,768	)		8.34
Vested		(1,127,083	)		8.04
Unvested at June 30, 2024		1,246,012		$	8.13

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		(3,921,022	)		10.38		—		—
Options outstanding at June 30, 2024		6,518,729		$	15.87		7.14	$	—
Options vested and exercisable at June 30, 2024		4,645,295		$	17.88		6.83	$	—