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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development expenses

 

$

1,711,231

 

 

$

403,904

 

 

$

3,609,590

 

 

$

3,457,642

 

General and administrative expenses

 

 

1,514,563

 

 

 

385,313

 

 

$

3,100,572

 

 

$

3,095,470

 

Total stock-based compensation expense

 

$

3,225,794

 

 

$

789,217

 

 

$

6,710,162

 

 

$

6,553,112

 
Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the nine months ended September 30, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value(a)

 

Outstanding at December 31, 2023

 

 

5,868,816

 

 

$

6.40

 

 

6.44

 

 

$

3,996

 

Granted

 

 

2,376,328

 

 

$

3.67

 

 

 

 

 

 

—

 

Expired

 

 

(179,897

)

 

$

7.90

 

 

 

 

 

 

—

 

Forfeitures

 

 

(31,506

)

 

$

4.49

 

 

 

 

 

 

—

 

Outstanding at September 30, 2024

 

 

8,033,741

 

 

$

5.57

 

 

 

6.94

 

 

$

7,387,843

 

Exercisable at September 30, 2024

 

 

5,116,768

 

 

$

6.23

 

 

 

5.76

 

 

$

3,509,500

 

 

(a)
The aggregate intrinsic value in the above table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2024 of $5.39 and the per share exercise price of the underlying options.
Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the nine months ended September 30, 2024:

 

 

 

Number
of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2023

 

 

944,497

 

 

$

5.30

 

Settled in common stock

 

 

(340,488

)

 

 

5.10

 

Outstanding at September 30, 2024

 

 

604,009

 

 

$

5.41

 
Summary of Employee Stock Purchase Plan Activity A summary of the weighted-average grant-date fair value and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Weighted-average grant-date fair value per share

$

1.32

 

 

$

3.09

 

Total stock-based compensation expense

$

14,199

 

 

$

38,931