Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes stock option activity for the year ended December 31, 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	(128,716)	1.29			$	134
Granted	2,984,152	6.93
Forfeited	(114,454)	5.80
Expired	(839,772)	29.48
Outstanding as of December 31, 2023	6,023,370	$	3.94	7.8	$	5,929
Exercisable as of December 31, 2023	2,516,594	$	1.16	6.0	$	4,950
Vested and expected to vest at December 31, 2023	6,023,370	$	3.94	7.8	$	5,929

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

The fair values in the year ended December 31, 2023 and 2022 were estimated using the Black-Scholes option-pricing model based on the following assumptions:


	Year Ended December 31,
	2023	2022
Risk-free interest rate	2.92% - 4.76%	2.40% - 3.05%
Expected term	6 years	6 years
Expected volatility	57.77% - 103.00%	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 the accompanying consolidated statements of operations:


	Year Ended December 31,
	2023		2022
Research and development	$	1,242	$	143
General and administrative	1,074		132
	$	2,316	$	275