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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Assumptions of Grant Date Fair Value of Stock Options Granted

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows:

 

 

Nine Months Ended September 30,

 

2024

 

2023

Risk-free interest rate range

 

3.76% - 4.57%

 

3.40% - 4.62%

Dividend yield

 

0.00%

 

0.00%

Expected life of options (years)

 

5.5 - 6.1

 

5.8 - 6.1

Volatility rate range

 

81.06% - 82.31%

 

81.63% - 83.55%

Fair value of common stock range

 

$3.54 - $9.49

 

$8.95 - $20.50

 

 

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:

 

Number of
Shares

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average
Remaining
Contractual Term
(in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

3,117,042

 

 

$

7.04

 

 

 

8.34

 

 

$

3,409

 

Granted

 

 

1,397,058

 

 

 

5.75

 

 

 

 

 

 

 

Exercised

 

 

(30,875

)

 

 

2.91

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(89,704

)

 

 

4.04

 

 

 

 

 

 

 

Outstanding as of September 30, 2024

 

 

4,393,521

 

 

$

6.72

 

 

 

8.21

 

 

$

8,550

 

Vested and expected to vest as of September 30, 2024

 

 

4,393,521

 

 

$

6.72

 

 

 

8.21

 

 

$

8,550

 

Vested and exercisable as of September 30, 2024

 

 

1,803,126

 

 

$

5.98

 

 

 

7.42

 

 

$

5,149

 

Summary of RSU activity

A summary of the RSU activity during the nine months ended September 30, 2024 is as follows:

 

 

Restricted Stock Units

 

 

Weighted-Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

1,759,918

 

 

$

12.09

 

Vested

 

 

(597,856

)

 

 

12.13

 

Unvested at September 30, 2024

 

 

1,162,062

 

 

$

12.07

 

Summary of Share-based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

General and administrative

 

$

2,878

 

 

$

2,566

 

 

$

8,333

 

 

$

6,661

 

Research and development

 

 

793

 

 

 

662

 

 

 

2,248

 

 

 

1,899

 

Total stock-based compensation expense

 

$

3,671

 

 

$

3,228

 

 

$

10,581

 

 

$

8,560