STOCK-BASED COMPENSATION (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Share-Based Compensation Awards |
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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 |
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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 | | | |
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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 |
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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 | | — | % | | — | % |
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Restricted Stock Units (RSUs), Excluding PRSUs |
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Share-Based Compensation Awards |
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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 |
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Performance-based Restricted Stock Unit (PRSUs) |
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Share-Based Compensation Awards |
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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 |
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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 | | — | % |
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