Stock-based compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity Under Plan |
A summary of stock option activity is as follows: | | | | | | | | | | | | | Number
of Shares | | Weighted-
Average
Exercise Price | | Outstanding at January 1, 2024 | 10,902,845 | | | $ | 7.42 | | | Granted | 2,687,497 | | | $ | 2.91 | | | Exercised | (14,223) | | | $ | 3.25 | | | Cancelled/forfeited | (1,048,874) | | | $ | 7.98 | | | Outstanding at September 30, 2024 | 12,527,245 | | | $ | 6.41 | | | | | | | Exercisable at September 30, 2024 | 7,716,813 | | | $ | 7.81 | |
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| Schedule of Restricted Stock Activity |
A summary of the RSU activity is as follows: | | | | | | | Number of Shares | | Unvested at January 1, 2024 | 3,834,108 | | | Granted | 2,457,489 | | | Vested | (945,761) | | Forfeited(a) | (598,139) | | | Unvested at September 30, 2024 | 4,747,697 | |
(a) Includes 14,467 rescinded RSUs.
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| Schedule of Stock-Based Compensation Expense by Award Type |
The following table presents stock-based compensation expense by award type included within the Company’s condensed consolidated statements of operations and comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Stock options | $ | 2,284 | | | $ | 3,211 | | | $ | 7,379 | | | $ | 11,718 | | Restricted stock units and other stock awards | 1,670 | | | 694 | | | 5,432 | | | 4,647 | | | Employee stock purchase plan | 73 | | | 96 | | | 301 | | | 686 | | | Stock-based compensation expense included in total operating expenses | $ | 4,027 | | | $ | 4,001 | | | $ | 13,112 | | | $ | 17,051 | |
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| Schedule of Stock-Based Compensation Expense as Reflected in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss |
The following table presents stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Research and development | $ | 2,305 | | | $ | 2,153 | | | $ | 7,195 | | | $ | 8,881 | | | General and administrative | 1,722 | | | 1,848 | | | 5,917 | | | 8,170 | | | Stock-based compensation expense included in total operating expenses | $ | 4,027 | | | $ | 4,001 | | | $ | 13,112 | | | $ | 17,051 | |
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| Schedule of Weighted Average Assumptions for Estimating Fair Value of Option Awards |
The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Risk-free interest rate | 4.4 | % | | 4.4 | % | | 4.0 | % | | 3.8 | % | | Expected dividend yield | — | % | | — | % | | — | % | | — | % | | Expected term (years) | 5.00 | | 6.09 | | 5.98 | | 6.06 | | Expected stock price volatility | 118 | % | | 113 | % | | 116 | % | | 103 | % |
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