v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions Used in Black -Scholes Valuation Model

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of stock options granted:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Expected life (in years)

 

 

5.88

 

 

 

6.04

 

 

 

6.05

 

Expected volatility

 

 

91.4

%

 

 

76.1

%

 

 

82.1

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

Risk-free interest rate

 

 

4.24

%

 

 

3.91

%

 

 

2.93

%

Grant date weighted average fair value

 

$

22.62

 

 

$

18.87

 

 

$

15.56

 
Summary of Share Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding – December 31, 2023

 

 

7,971,127

 

 

$

33.55

 

 

7.9 years

 

$

53,295

 

Granted

 

 

740,594

 

 

$

22.62

 

 

 

 

 

 

Exercised

 

 

(228,328

)

 

$

20.74

 

 

 

 

 

 

Forfeited/cancelled

 

 

(404,641

)

 

$

42.43

 

 

 

 

 

 

Outstanding – December 31, 2024

 

 

8,078,752

 

 

$

32.38

 

 

7.2 years

 

$

9,247

 

Exercisable – December 31, 2024

 

 

4,983,108

 

 

$

37.27

 

 

6.4 years

 

$

8,796

 

Exercisable and expected to vest –
   December 31, 2024

 

 

8,078,752

 

 

$

32.38

 

 

7.2 years

 

$

9,247

 
Summary of Restricted Stock Unit, Activity

The following table summarizes the Company’s RSU activity for the year ended December 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant
Date
Fair Value

 

Outstanding – December 31, 2023

 

 

18,786

 

 

$

34.92

 

Awarded

 

 

-

 

 

 

 

Released

 

 

-

 

 

 

 

Forfeited

 

 

-

 

 

 

 

Outstanding – December 31, 2024

 

 

18,786

 

 

$

34.92

 
Schedule of Share-based Compensation Expenses

Share-based compensation expenses included in the Company’s statements of operations and comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022 were:

 

 

 

For the Year Ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

 

2022

 

Research and development

 

$

18,456

 

 

$

14,950

 

 

$

14,081

 

General and administrative

 

 

19,532

 

 

 

19,699

 

 

 

16,530

 

Total

 

$

37,988

 

 

$

34,649

 

 

$

30,611