Stock-based compensation (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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, 2023 | 10,051,283 | | | $ | 9.84 | | Granted | 3,972,166 | | | $ | 4.80 | | Exercised | (97,596) | | | $ | 4.37 | | Cancelled/forfeited | (1,747,727) | | | $ | 10.62 | | Outstanding at September 30, 2023 | 12,178,126 | | | $ | 8.13 | | | | | | Exercisable at September 30, 2023 | 7,130,744 | | | $ | 9.25 | |
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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, 2023 | 1,870,791 | | Granted | 3,982,567 | | Vested | (532,192) | | Forfeited | (1,198,801) | | Unvested at September 30, 2023 | 4,122,365 | |
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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) | 2023 | | 2022 | | 2023 | | 2022 | Stock options | $ | 3,211 | | | $ | 3,901 | | | $ | 11,718 | | | $ | 11,952 | | Restricted stock units | 694 | | | 1,365 | | | 4,647 | | | 3,832 | | Employee stock purchase plan | 96 | | | 109 | | | 686 | | | 424 | | Stock-based compensation expense included in total operating expenses | $ | 4,001 | | | $ | 5,375 | | | $ | 17,051 | | | $ | 16,208 | |
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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) | 2023 | | 2022 | | 2023 | | 2022 | Research and development | $ | 2,153 | | | $ | 2,890 | | | $ | 8,881 | | | $ | 8,569 | | General and administrative | 1,848 | | | 2,485 | | | 8,170 | | | 7,639 | | Stock-based compensation expense included in total operating expenses | $ | 4,001 | | | $ | 5,375 | | | $ | 17,051 | | | $ | 16,208 | |
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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, | | 2023 | | 2022 | | 2023 | | 2022 | Risk-free interest rate | 4.4 | % | | 2.9 | % | | 3.8 | % | | 2.0 | % | Expected dividend yield | — | % | | — | % | | — | % | | — | % | Expected term (years) | 6.09 | | 6.11 | | 6.06 | | 5.99 | Expected stock price volatility | 113 | % | | 94 | % | | 103 | % | | 88 | % |
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