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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 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

 

 

(12,131,262

)

 

 

(2,963,700

)

 

 

(15,094,962

)

Forfeitures

 

 

321,958

 

 

 

774,000

 

 

 

1,095,958

 

 Available for grant - September 30, 2024

 

 

701,430

 

 

 

1,810,300

 

 

 

2,511,730

 

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the nine months ended September 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

 

 

(323,031

)

 

 

7.50

 

Cancelled or forfeited

 

 

 

 

 

 

Nonvested at September 30, 2024

 

 

4,549,154

 

 

$

1.82

 

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 nine months ended September 30, 2024 and 2023 (in thousands):

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development expense

 

$

1,425

 

 

$

705

 

 

$

4,029

 

 

$

1,524

 

General and administrative expense

 

 

1,932

 

 

 

1,335

 

 

 

5,858

 

 

 

4,413

 

Total

 

$

3,357

 

 

$

2,040

 

 

$

9,887

 

 

$

5,937

 

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 nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

3.99

%

 

 

4.22

%

 

 

4.04

%

 

 

3.61

%

Expected dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.1

 

 

 

5.5

 

 

 

6.1

 

 

 

5.5

 

Expected volatility

 

 

90

%

 

 

81

%

 

 

89

%

 

 

81

%

Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity, during nine months ended September 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

 

 

10,597,821

 

 

 

1.98

 

 

 

 

 

 

 

Exercised

 

 

(58,832

)

 

 

0.68

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(1,016,123

)

 

 

2.65

 

 

 

 

 

 

 

Options expired

 

 

(73,783

)

 

 

17.01

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

15,410,005

 

 

$

3.33

 

 

 

8.9

 

 

$

4,579

 

Options exercisable at September 30, 2024

 

 

2,925,361

 

 

$

8.80

 

 

 

7.7

 

 

$

905

 

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

%