Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes stock option activity for the nine months ended September 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	(49,770)	1.72			$	190
Granted	2,805,152	7.14
Forfeited	(87,275)	4.70
Expired	(274,922)	23.52
Outstanding as of September 30, 2023	6,515,345	$	6.28	7.30	$	10,191
Exercisable as of September 30, 2023	3,038,911	$	6.71	5.06	$	8,068
Vested and expected to vest at September 30, 2023	6,515,345	$	6.28	7.30	$	10,191

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

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


	Nine Months Ended September 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	418	$	45	$	452	$	122
General and administrative	430		43		991		113
	$	848	$	88	$	1,443	$	235