Stock-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock Option Activity |
A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years):
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Weighted- |
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Weighted- |
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average remaining |
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Aggregate |
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average |
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contractual |
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intrinsic |
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Shares |
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exercise price |
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term (years) |
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value |
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Outstanding at December 31, 2023 |
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24,970,957 |
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$ |
4.98 |
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8.12 |
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$ |
4,412 |
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Granted |
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11,596,445 |
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1.76 |
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Exercised |
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(145,293 |
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0.89 |
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Canceled |
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(1,593,563 |
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3.93 |
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Outstanding at June 30, 2024 |
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34,828,546 |
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$ |
3.97 |
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8.05 |
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$ |
11,579 |
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Options exercisable at June 30, 2024 |
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15,155,782 |
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$ |
4.70 |
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6.83 |
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$ |
5,433 |
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| Schedule of Stock-based Compensation Expense |
The allocation of stock-based compensation for all stock awards was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Research and development |
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$ |
3,788 |
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$ |
3,867 |
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$ |
7,272 |
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$ |
7,747 |
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General and administrative |
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3,392 |
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3,145 |
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6,756 |
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6,110 |
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Total |
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$ |
7,180 |
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$ |
7,012 |
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$ |
14,028 |
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$ |
13,857 |
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| Summary of Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consisted of the following as of June 30, 2024 and December 31, 2023:
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June 30, |
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December 31, |
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2024 |
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2023 |
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Stock options issued and outstanding |
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34,828,546 |
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24,970,957 |
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Awards available for future grant |
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12,913,020 |
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15,342,797 |
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Shares available for purchase under the ESPP |
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1,828,237 |
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2,080,681 |
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Total |
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49,569,803 |
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42,394,435 |
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| ESPP |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Assumptions used to Determine Fair Value of Stock Option Grants |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock to be purchased under the ESPP were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
Risk-free interest rate |
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4.75%-5.39% |
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4.70%-5.35% |
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4.75%-5.39% |
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4.70%-5.35% |
Expected volatility |
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68.73%-74.72% |
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72.54%-82.79% |
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68.73%-74.72% |
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72.54%-82.79% |
Expected term (in years) |
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0.49-1.99 |
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0.50-1.99 |
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0.49-1.99 |
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0.50-1.99 |
Expected dividend yield |
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--% |
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--% |
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--% |
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--% |
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| Employee Stock Option |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Assumptions used to Determine Fair Value of Stock Option Grants |
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
Risk-free interest rate |
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4.26%-4.64% |
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3.50%-3.98% |
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3.84%-4.64% |
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3.46%-4.22% |
Expected volatility |
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82.72%-83.14% |
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83.20%-85.02% |
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82.72%-83.91% |
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83.20%-85.81% |
Expected term (in years) |
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5.50-6.08 |
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5.50-6.08 |
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5.28-6.08 |
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5.50-6.08 |
Expected dividend yield |
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--% |
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--% |
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--% |
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--% |
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