Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock-Based Compensation Expense |
The following stock-based compensation expense was recognized for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Research and development | $ | 3,264 | | | $ | 2,199 | | | $ | 6,093 | | | $ | 4,661 | | | Selling, general and administrative | 3,387 | | | 2,192 | | | 6,111 | | | 4,563 | | | Total stock-based compensation expense | $ | 6,651 | | | $ | 4,391 | | | $ | 12,204 | | | $ | 9,224 | |
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| Valuation Assumptions Using the Black-Scholes Option-Pricing Model |
The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | | Expected dividend yield | 0% | | 0% | | Expected volatility | 94.9% -114.3% | | 94.4% - 94.9% | | Risk-free interest rate | 4.0% - 4.7% | | 3.5% - 3.9% | | Expected term | 6.06 years | | 5.88 years |
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| Schedule of Stock Options Roll Forward |
The following table summarizes stock option activity during the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Shares | | Weighted-
Average
Exercise Price | | Weighted-Average
Remaining
Contractual Term
(Years) | | Aggregate
Intrinsic
Value
(in thousands) | | Outstanding, December 31, 2023 | 12,223,637 | | | $ | 15.11 | | | 6.7 | | | | Granted | 1,903,482 | | | 16.45 | | | | | | | Exercised | (330,641) | | | 9.43 | | | | | | | Forfeited | (119,105) | | | 11.80 | | | | | | | Expired | (171,485) | | | 22.83 | | | | | | | Outstanding, June 30, 2024 | 13,505,888 | | | 15.37 | | | 6.7 | | $ | 160 | | | As of June 30, 2024: | | | | | | | | | Exercisable | 8,404,002 | | | 18.11 | | | 5.4 | | 111 | | | Vested and expected to vest | 12,415,387 | | | 15.78 | | | 6.5 | | 148 | |
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| Schedule of RSU Activity |
The following table summarizes RSU activity during the six months ended June 30, 2024: | | | | | | | | | | | | | Shares | | Weighted-Average Grant Date Fair Value | | Outstanding, December 31, 2023 | 905,614 | | | $ | 5.97 | | | Granted | 649,715 | | | 17.04 | | | Vested | (415,591) | | | 7.09 | | | Forfeited | (24,141) | | | 13.14 | | | Outstanding, June 30, 2024 | 1,115,597 | | | 11.84 | |
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| Stock Option Additional Information [Table] |
The following table summarizes additional information on stock options (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | | | | 2024 | | 2023 | Weighted-average fair value per share of stock options granted | | | | | $ | 12.99 | | | $ | 3.78 | | Total intrinsic value of stock options exercised | | | | | $ | 2,615 | | | $ | 56 | | Total cash received for stock options exercised | | | | | $ | 3,117 | | | $ | 36 | | Total grant date fair value of stock options vested | | | | | $ | 7,344 | | | $ | 3,533 | |
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