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STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Compensation Awards  
Schedule of stock-based compensation expense

During the three months ended March 31, 2024 and 2023, the Company recognized the following stock-based compensation expense (in thousands):

Three months ended March 31, 

2024

2023

Stock-based compensation by type of award

Restricted stock units (excluding PRSUs)

$

421

$

187

PRSUs

 

53

 

Stock options

3,372

5,117

Total stock-based compensation expense

$

3,846

$

5,304

 

 

Stock-based compensation by type of expense

Research and development expenses

$

1,872

$

2,306

Selling, general and administrative expenses

1,974

2,998

Total stock-based compensation expense

$

3,846

$

5,304

Schedule of unrecognized stock-based compensation expense and weighted-average period that the Company expects to recognize expense

The following table sets forth the Company’s unrecognized stock-based compensation expense as of March 31, 2024, by type of award and the weighted-average period over which the Company expects to recognize the expense (in thousands):

March 31, 2024

Unrecognized

Weighted average

compensation expense

recognition period (years)

Type of award

Restricted stock units (excluding PRSUs)

$

4,872

2.4

PRSUs

 

605

1.9

Stock options

23,991

3.0

Total unrecognized stock-based compensation expense

$

29,468

Schedule of common stock options issued and outstanding

    

    

    

    

Weighted

Weighted

Aggregate

average

average

intrinsic

remaining

exercise

value

contractual

Options

price

(in thousands)

life (years)

Outstanding and expected to vest as of December 31, 2023

 

9,307,330

$

17.26

$

10,012

6.44

Granted

 

1,450,790

11.23

Exercised

(71,550)

8.22

Forfeited

(116,605)

6.34

Outstanding and expected to vest as of March 31, 2024

 

10,569,965

$

16.61

$

60,339

6.63

Exercisable as of March 31, 2024

 

6,453,371

$

20.29

$

31,312

5.06

Schedule of assumptions used to determine fair value of stock options granted

    

Three months ended March 31, 

2024

2023

 

Risk-free interest rate

 

4.1

%

3.60

%

Expected term (in years)

 

6.3

6.3

Expected volatility

 

84.0

%

82.6

%

Expected dividend yield

 

%

%

Restricted Stock Units (RSUs), Excluding PRSUs  
Share-Based Compensation Awards  
Schedule of restricted stock units issued and outstanding

    

    

    

Weighted

Weighted

average

average

remaining

grant

vesting

Restricted Stock Units

price

life (years)

Outstanding and expected to vest as of December 31, 2023

351,407

$

5.06

 

1.99

Granted

400,277

10.96

 

  

Vested

(108,976)

4.82

 

Forfeited

(39,934)

7.35

Outstanding and expected to vest as of March 31, 2024

602,774

$

8.87

 

2.41

Performance-based Restricted Stock Unit (PRSUs)  
Share-Based Compensation Awards  
Schedule of restricted stock units issued and outstanding

    

    

Weighted

Weighted

average

average

remaining

Performance

grant

vesting

Restricted Stock Units

price

life (years)

Outstanding and expected to vest as of December 31, 2023

$

Granted

54,000

12.19

 

Vested

Forfeited

Outstanding and expected to vest as of March 31, 2024

54,000

$

12.19

1.87

Schedule of assumptions used to determine fair value of stock awards

    

Three months ended March 31, 

2024

Risk-free interest rate

 

4.2

%

Expected volatility

 

101.0

%

Expected dividend yield

 

%