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Stock Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance under equity incentive plans consisted of the following as of June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and unvested restricted stock units issued and outstanding under all equity incentive plans

 

 

583,918

 

Authorized for future grants under the 2021 Plan

 

 

173,077

 

Authorized for future purchases under the ESPP

 

 

34,422

 

Total as of June 30, 2024

 

 

791,417

 

Summary of Stock Option Activity

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

 

 

 

 

Number of Options

 

 

Weighted-Average
Exercise Price
(per Share)

 

 

Weighted-Average
Remaining
Contract Term
(in Years)

 

Aggregate Intrinsic Value
(in Thousands)

 

Outstanding at December 31, 2023

 

 

391,725

 

 

$

125.40

 

 

 

 

 

 

Exercisable at December 31, 2023

 

 

201,505

 

 

 

136.50

 

 

 

 

 

 

 

Granted

 

 

15,047

 

 

 

11.16

 

 

 

 

 

 

 

Canceled or forfeited

 

 

(28,675

)

 

 

133.64

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

378,097

 

 

$

120.37

 

 

 

7.5

 

$

22

 

Exercisable at June 30, 2024

 

 

243,045

 

 

$

130.45

 

 

 

7.0

 

$

22

 

Schedule of Restricted Stock Unit Activity The following table summarizes RSU activity during the six months ended June 30, 2024:

 

 

 

 

Number of Units

 

 

Weighted-Average
Grant Date
Fair Value
(per Unit)

 

 

Outstanding at December 31, 2023

 

 

135,915

 

 

$

30.60

 

 

 

Granted

 

 

123,480

 

 

 

15.77

 

 

 

Vested

 

 

(20,715

)

 

 

29.70

 

 

 

Canceled

 

 

(32,859

)

 

 

28.74

 

 

Outstanding at June 30, 2024

 

 

205,821

 

 

$

21.97

 

 

Summary of Equity Based Compensation Expense

The classification of stock-based compensation expense is summarized as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Research and development

 

$

1,648

 

 

$

1,898

 

Selling, general and administrative

 

 

3,434

 

 

 

4,025

 

Total stock-based compensation expense

 

$

5,082

 

 

$

5,923

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table shows the weighted-average assumptions used to calculate the fair value of the stock option awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below:

 

 

 

Six Months Ended June 30,

Assumption

 

2024

 

2023

Expected volatility

 

60.00%

 

78.48%

Expected term (years)

 

5.5

 

5.36.1

Expected dividend yield

 

0.00%

 

0.00%

Risk-free interest rate

 

4.63%

 

3.95%