Stock Incentive Plans

3 Months Ended

Mar. 31, 2024

Stock Incentive Plans

Stock Incentive Plans

9.Stock Incentive Plans

A summary of the Company’s stock option activity and related information follows:

				Weighted
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
		Average		Contractual	Value
	Shares	Exercise Price		Term (years)	(in thousands)
Outstanding at December 31, 2023	3,553,969	$	13.59	8.39	$	1,912
Granted	2,622,800	$	15.24
Exercised	(10,000)	$	3.87
Cancelled or forfeited	(113,188)	$	11.07
Expired	(1,283)	$	408.60
Outstanding at March 31, 2024	6,052,298	$	14.29	8.80	$	10,660
Vested and exercisable at March 31, 2024	1,501,277	$	16.89	7.46	$	4,062
Vested and expected to vest at March 31, 2024	6,052,298	$	14.29	8.80	$	10,660

The intrinsic value of stock options exercised in the three months ended March 31, 2024 and 2023 was $0.1 million and $0.3 million, respectively. The total grant date fair value of stock options vested for the three months ended March 31, 2024 and 2023 was $3.2 million and $1.5 million, respectively. The weighted-average grant date fair value per share of options granted for the three months ended March 31, 2024 and 2023 was $10.40 and $8.49, respectively.

At March 31, 2024, the total unrecognized compensation expense related to unvested stock option awards was $37.4 million. The Company expects to recognize that cost over a weighted-average period of approximately 3.3 years.

On February 17, 2022, the Company’s board of directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan, as amended, provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 1,700,000 shares of the Company’s common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635 (c)(4). As of March 31, 2024, options to purchase 688,900 shares of common stock are outstanding under the Inducement Plan, which are included in the table above.