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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following summarizes option activity:
Number of
Options
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value ($, in thousands)
Balance—December 31, 20237,919,699 $18.52 7.35$1,435 
Granted3,677,916 5.18 
Exercised(307,919)4.17 
Forfeited(1)
(5,346,477)22.49 
Expired(308,725)24.44 
Balance—September 30, 20245,634,494 $6.51 8.04$23,561 
Exercisable—September 30, 2024
2,120,880 $8.16 6.14$8,715 
______________
(1)The number of stock options forfeited includes those exchanged in the Option Exchange as described above.
Schedule of Restricted Stock Unit Activity
The following table summarizes information regarding the Company's RSUs:
Number of UnitsWeighted-Average
Grant Date Fair Value
Balance—December 31, 20232,929,602 $15.24 
Granted(1)
5,760,872 5.03 
Vested(1,363,491)11.40 
Forfeited(839,143)8.67 
Unvested Balance—September 30, 20246,487,840 $7.83 
______________
(1)The number of RSU's granted includes those in association with the Option Exchange as described above.
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Research and development
$3,342 $4,058 $10,341 $11,966 
Selling, general, and administrative6,899 5,941 21,996 18,090 
Total stock-based compensation expense
$10,241 $9,999 $32,337 $30,056 
Schedule of Assumptions in Calculating Stock Option Awards
The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:
Nine Months Ended September 30, 2024Year Ended
December 31, 2023
Expected term (in years)
1.8 – 6.1
5.0 – 6.1
Expected volatility
79.1 – 83.2%
75.2 – 78.4%
Risk-free interest rate
3.9 – 5.0%
3.5 – 4.7%
Dividend yield
—%—%