Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes stock option activity for the six months ended June 30, 2023:


	Options	Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	3,356,937	$	1.01
Sesen Bio options assumed in the Merger	765,223	27.94
Exercised	(14,910)	3.07
Granted	2,747,152	7.17
Forfeited	(87,275)	1.46
Expired	(111,378)	23.52
Outstanding as of June 30, 2023	6,655,749	$	6.26	7.5	$	29,956
Exercisable as of June 30, 2023	2,961,132	$	6.98	5.2	$	18,575
Vested and expected to vest at June 30, 2023	6,655,749	$	6.26	7.5	$	29,956

Schedule of Estimated Using The Black-Scholes Option-Pricing Model

The fair values in the six months ended June 30, 2023 and 2022 were estimated using the Black-Scholes option-pricing model based on the following assumptions:


	Six Months Ended June 30,
	2023	2022
Risk-free interest rate	2.92% - 4.03%	2.40% - 3.05%
Expected term	6 years	6 years
Expected volatility	57.77% - 65.00%	54.54% - 56.50%
Expected dividend yield	—	—

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying unaudited consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	24	$	36	$	34	$	77
General and administrative	$	306	$	22	$	561	$	70
	$	330	$	58	$	595	$	147