Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	312	$	3,254	$	232	$	10,191
General and administrative		4,635		7,214		15,657		20,594
Total stock-based compensation expense	$	4,947	$	10,468	$	15,889	$	30,785

Summary of Restricted Common Stock Activity

The following table summarizes restricted common stock activity for the nine months ended September 30, 2024:

	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2024		3,254,863		$	8.73
Granted		245,000			0.77
Forfeited		(1,126,973	)		8.34
Vested		(1,252,791	)		8.65
Unvested at September 30, 2024		1,120,099		$	7.45

Summary of Stock Option Activity

The following table summarizes stock option activity (in thousands, except share and per share data):

	Shares			Weighted Average Exercise Price		Weighted Average Contractual Life (in years)		Aggregate Intrinsic Value
Options outstanding at January 1, 2024		10,439,751		$	13.81		7.95	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(4,367,732	)		11.32		—		—
Options outstanding at September 30, 2024		6,072,019		$	15.60		6.88	$	—
Options vested and exercisable at September 30, 2024		4,579,700		$	17.51		6.56	$	—