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

 

 

Number of
shares

 

 

Weighted
average
exercise price

 

Outstanding, January 1, 2024

 

 

10,097,771

 

 

$

13.77

 

Granted

 

 

1,621,082

 

 

$

6.48

 

Exercised

 

 

(8,612

)

 

$

1.99

 

Cancelled or forfeited

 

 

(421,652

)

 

$

14.02

 

Outstanding, June 30, 2024

 

 

11,288,589

 

 

$

12.72

 

Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model

The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of stock options

 

$

2.67

 

 

$

7.08

 

 

$

4.72

 

 

$

8.33

 

Risk-free interest rate

 

 

4.30

%

 

 

3.75

%

 

 

4.21

%

 

 

3.68

%

Expected terms (in years)

 

 

5.33

 

 

 

5.81

 

 

 

5.97

 

 

 

6.00

 

Expected volatility

 

 

83.57

%

 

 

80.78

%

 

 

83.08

%

 

 

81.48

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

Summary of Total Outstanding Restricted Stock Units

The following table summarizes the Company’s restricted share unit activity:

 

 

Number of
shares

 

 

Weighted
average
grant date fair value

 

Outstanding, January 1, 2024

 

 

603,685

 

 

$

12.42

 

Awarded

 

 

527,273

 

 

$

6.95

 

Vested and released

 

 

(200,262

)

 

$

12.42

 

Forfeited

 

 

(59,633

)

 

$

11.34

 

Outstanding, June 30, 2024

 

 

871,063

 

 

$

9.18

 

Schedule of Share-based Compensation Expense

Share-based compensation expense for all awards was allocated as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Research and development

 

$

3,694

 

 

$

3,329

 

 

$

7,113

 

 

$

6,548

 

General and administrative

 

 

2,825

 

 

 

2,936

 

 

 

5,881

 

 

 

5,779

 

Total share-based compensation expense

 

$

6,519

 

 

$

6,265

 

 

$

12,994

 

 

$

12,327

 

Share-based compensation expense by type of award was as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Stock options

 

$

5,605

 

 

$

5,561

 

 

$

11,290

 

 

$

11,098

 

Restricted share units

 

 

803

 

 

 

620

 

 

 

1,512

 

 

 

1,045

 

ESPP

 

 

111

 

 

 

84

 

 

 

192

 

 

 

184

 

Total share-based compensation expense

 

$

6,519

 

 

$

6,265

 

 

$

12,994

 

 

$

12,327