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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2024 (in thousands, except share and per share amounts):

 

Number of Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Remaining Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2024

 

5,982,464

 

 

$

7.31

 

 

 

7.6

 

 

$

141

 

Granted

 

1,427,222

 

 

 

3.90

 

 

 

 

 

 

 

Exercised

 

(122,551

)

 

 

2.14

 

 

 

 

 

 

 

Expired

 

(200,406

)

 

 

15.96

 

 

 

 

 

 

 

Forfeited

 

(130,232

)

 

 

11.32

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

6,956,497

 

 

$

6.38

 

 

 

7.8

 

 

$

4,034

 

Options exercisable at June 30, 2024

 

3,294,687

 

 

$

7.72

 

 

 

6.7

 

 

$

1,989

 

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the following key input assumptions in the Black-Scholes option-pricing model:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

Expected volatility

100.20% - 100.34%

 

97.11%

 

99.41% - 102.27%

 

97.11% - 97.82%

Risk-free interest rate

4.33% - 4.75%

 

4.05%

 

4.06% - 4.75%

 

3.58% - 4.05%

Expected dividend yield

0.00%

 

0.00%

 

0.00%

 

0.00%

Expected term (in years)

6.00 - 6.08

 

6.08

 

5.00 - 6.08

 

6.08

Summary of Restricted Stock Awards and Restricted Stock Units

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

 

 

Number of Units

 

 

Weighted Average
Grant Date Fair Value

 

Non-vested and unsettled at January 1, 2024

 

3,631,431

 

 

$

2.51

 

Granted

 

1,283,412

 

 

 

3.81

 

Forfeited

 

(268,217

)

 

 

2.56

 

Vested and settled

 

(1,592,793

)

 

 

2.64

 

Non-vested and unsettled at June 30, 2024

 

3,053,833

 

 

$

2.97

 

 

Summary of Total Stock-based Compensation Expense

The following table summarizes the total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023, respectively (in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

General and administrative

 

$

2,100

 

 

$

2,329

 

 

$

5,742

 

 

$

5,590

 

Research and development

 

 

771

 

 

 

1,339

 

 

 

1,449

 

 

 

2,962

 

Total

 

$

2,871

 

 

$

3,668

 

 

$

7,191

 

 

$

8,552