Stock-based compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation |
Stock-based Compensation
Restricted Stock Units
The following is a summary of the restricted stock units during the nine months ended September 30, 2024:
restricted stock units (RSUs) were granted during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company granted time-based RSUs with a fair value of $ million to members of its board of directors and employees of the Company. On January 24, 2024, to reduce the administrative burden and expense associated with monthly vesting, the Company approved the acceleration of vesting of certain RSUs of the Company. The RSUs fully vested on the day following the filing with the SEC of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in each case subject to the continued employment of the officer with the Company, through such date.
During the nine-month period ended September 30, 2024, the Company recorded stock-based compensation expense related to the RSUs of approximately $ million. Due to the accelerated vesting of the RSUs there is currently unamortized stock based compensation remaining.
During the nine-month period ended September 30, 2023, the Company recorded stock-based compensation expense related to the RSUs of approximately $ million.
KUVATRIS THERAPEUTICS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS
Performance-based Restricted Stock Units
As of September 30, 2024, and 2023, there were performance-based RSUs with a fair value of approximately $ outstanding. The RSUs are subject to a performance condition, and will vest upon the Company signing a definitive agreement with a strategic partner. performance-based RSUs were issued during the nine months ended September 30, 2024.
As of September 30, 2024, the Company determined that it was not probable that the performance awards would vest, and the Company has not recognized any stock-based compensation expense associated with these awards to date.
Canceled Stock Options
The Company previously granted options to purchase shares of the Company’s common stock and during the year ended December 31, 2020, these options were canceled in exchange for RSUs. stock options were outstanding as of September 30, 2024 and 2023.
During the three months ended September 30, 2024, the Company recorded stock-based compensation related to the cancelled stock options and during the three months ended September 30, 2023, the Company recorded stock-based compensation expense related to the cancelled stock options of less than $ million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense related to the canceled stock options of less than $ million and approximately $ million, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||