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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Schedule of Share Based Compensation Available for Grant under Incentive Plans

The number of shares available for grant under the Company’s incentive plans were as follows:

 

 

 

New

 

 

Inducement

 

 

 

 

 

 

Plan

 

 

Plan

 

 

Total

 

 Available for grant - January 1, 2024

 

 

3,162,725

 

 

 

4,000,000

 

 

 

7,162,725

 

Plan adjustments and amendments

 

 

9,348,009

 

 

 

—

 

 

 

9,348,009

 

Grants

 

 

(11,905,262

)

 

 

(1,812,700

)

 

 

(13,717,962

)

Forfeitures

 

 

298,646

 

 

 

311,000

 

 

 

609,646

 

 Available for grant - June 30, 2024

 

 

904,118

 

 

 

2,498,300

 

 

 

3,402,418

 
Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the six months ended June 30, 2024 was as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2024

 

 

375,044

 

 

$

6.63

 

Restricted units granted

 

 

4,497,141

 

 

 

1.83

 

Vested

 

 

(240,250

)

 

 

4.96

 

Cancelled or forfeited

 

 

—

 

 

 

—

 

Nonvested at June 30, 2024

 

 

4,631,935

 

 

$

2.06

 
Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs

The following table summarizes the total stock-based compensation expense for the stock options, ESPP, RSAs and RSUs recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands):

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development expense

 

$

1,330

 

 

$

1,082

 

 

$

2,604

 

 

$

819

 

General and administrative expense

 

 

2,002

 

 

 

1,140

 

 

 

3,926

 

 

 

3,078

 

Total

 

$

3,332

 

 

$

2,222

 

 

$

6,530

 

 

$

3,897

 
Stock Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the three and six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.55

%

 

 

3.72

%

 

 

4.04

%

 

 

3.61

%

Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Expected term (in years)

 

 

5.9

 

 

 

5.8

 

 

 

6.1

 

 

 

5.9

 

Expected volatility

 

 

89

%

 

 

81

%

 

 

89

%

 

 

81

%
Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity, during the six months ended June 30, 2024:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Stock

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Options

 

 

Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at January 1, 2024

 

 

5,960,922

 

 

$

5.75

 

 

 

8.7

 

 

$

1,960

 

Options granted

 

 

9,220,821

 

 

 

1.96

 

 

 

 

 

 

 

Exercised

 

 

(2,062

)

 

 

1.18

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(534,893

)

 

 

2.29

 

 

 

 

 

 

 

Options expired

 

 

(68,701

)

 

 

17.17

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

14,576,087

 

 

$

3.43

 

 

 

9.0

 

 

$

6,866

 

Options exercisable at June 30, 2024

 

 

2,667,407

 

 

$

9.05

 

 

 

7.9

 

 

$

1,024

 
Performance Stock Options | Initial Options and Original Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.02

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

81

%
Performance Stock Options | Modified Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following assumptions were used to estimate the fair value of the Modified Options:

 

 

 

 

 

Risk-free interest rate

 

 

3.90

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

5.8

 

Expected volatility

 

 

88

%