STOCK-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Compensation Awards |
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| Schedule of stock-based compensation expense |
During the three and six months ended June 30, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands): | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Stock-based compensation by type of award | | | | | | | | | | | | | Restricted stock units (excluding PRSUs) | | $ | 502 | | $ | 169 | | $ | 923 | | $ | 356 | PRSUs | | | 99 | | | — | | | 152 | | | — | Stock options | | | 2,838 | | | 3,447 | | | 6,210 | | | 8,564 | Total stock-based compensation expense | | $ | 3,439 | | $ | 3,616 | | $ | 7,285 | | $ | 8,920 | | | | | | | | | | | | | | Stock-based compensation by type of expense | | | | | | | | | | | | | Research and development expenses | | $ | 1,267 | | $ | 1,372 | | $ | 3,139 | | $ | 3,678 | Selling, general and administrative expenses | | | 2,172 | | | 2,244 | | | 4,146 | | | 5,242 | Total stock-based compensation expense | | $ | 3,439 | | $ | 3,616 | | $ | 7,285 | | $ | 8,920 |
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| Schedule of unrecognized stock-based compensation expense and weighted-average period that the Company expects to recognize expense |
The following table sets forth the Company’s unrecognized stock-based compensation expense as of June 30, 2024, by type of award and the weighted-average period over which the Company expects to recognize the expense (in thousands): | | | | | | | | | June 30, 2024 | | | Unrecognized | | Weighted average | | | compensation expense | | recognition period (years) | Type of award | | | | | | | Restricted stock units (excluding PRSUs) | | $ | 4,523 | | | 2.2 | PRSUs | | | 506 | | | 1.6 | Stock options | | | 23,955 | | | 3.0 | Total unrecognized stock-based compensation expense | | $ | 28,984 | | | |
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| Schedule of common stock options issued and outstanding |
| | | | | | | | | | | | | | | | | | | | | Weighted | | | | | Weighted | | Aggregate | | average | | | | | average | | intrinsic | | remaining | | | | | exercise | | value | | contractual | | | Options | | price | | (in thousands) | | life (years) | Outstanding and expected to vest as of December 31, 2023 | | 9,307,330 | | $ | 17.26 | | $ | 10,012 | | 6.44 | Granted | | 1,812,760 | | | 11.37 | | | | | | Exercised | | (771,047) | | | 3.04 | | | | | | Forfeited | | (198,193) | | | 7.14 | | | | | | Outstanding and expected to vest as of June 30, 2024 | | 10,150,850 | | $ | 17.48 | | $ | 27,367 | | 6.84 | Exercisable as of June 30, 2024 | | 6,123,559 | | $ | 22.11 | | $ | 13,405 | | 5.40 |
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| Schedule of assumptions used to determine fair value of stock options granted |
| | | | | | | | | Six months ended June 30, | | | 2024 | | 2023 | | | | | | Risk-free interest rate | | 4.2 | % | | 3.6 | % | Expected term (in years) | | 6.2 | | | 6.2 | | Expected volatility | | 84.3 | % | | 82.8 | % | Expected dividend yield | | — | % | | — | % |
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| Restricted Stock Units (RSUs), Excluding PRSUs |
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| Share-Based Compensation Awards |
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| Schedule of restricted stock units issued and outstanding |
| | | | | | | | | | | | | | | Weighted | | | | | Weighted | | average | | | | | average | | remaining | | | | | grant | | vesting | | | Restricted Stock Units | | price | | life (years) | Outstanding and expected to vest as of December 31, 2023 | | 351,407 | | $ | 5.06 | | 1.99 | Granted | | 423,378 | | | 11.01 | | | Vested | | (124,175) | | | 5.38 | | | Forfeited | | (50,034) | | | 8.33 | | | Outstanding and expected to vest as of June 30, 2024 | | 600,576 | | $ | 8.92 | | 2.17 |
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| Performance-based Restricted Stock Unit (PRSUs) |
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| Share-Based Compensation Awards |
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| Schedule of restricted stock units issued and outstanding |
| | | | | | | | | | | | | | | Weighted | | | | | Weighted | | average | | | | | average | | remaining | | | Performance | | grant | | vesting | | | Restricted Stock Units | | price | | life (years) | Outstanding and expected to vest as of December 31, 2023 | | — | | $ | — | | — | Granted | | 54,000 | | | 12.19 | | | Vested | | — | | | — | | | Forfeited | | — | | | — | | | Outstanding and expected to vest as of June 30, 2024 | | 54,000 | | $ | 12.19 | | 1.62 |
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| Schedule of assumptions used to determine fair value of stock awards |
| | | | | | Six months ended June 30, | | | 2024 | | | | Risk-free interest rate | | 4.2 | % | Expected volatility | | 101.0 | % | Expected dividend yield | | — | % |
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