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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense by Classification
Stock-based compensation expense by classification included within 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$3,625 $4,548 $11,282 $14,439 
General and administrative3,997 5,968 13,779 24,182 
Total stock-based compensation expense$7,622 $10,516 $25,061 $38,621 
Schedule of PSU Activity
A summary of the Company’s PSU activity was as follows:
Performance-Based Restricted Stock Units Outstanding
Weighted-Average
Value at Grant
Date Per Share
Unvested PSUs as of December 31, 2023
— $— 
PSUs granted(1)
2,703,400 $1.88 
PSUs vested
— $— 
PSUs forfeited or canceled
— $— 
Unvested PSUs as of September 30, 2024
2,703,400 $1.88 
(1)     PSU grants reflect the target number of shares eligible to be earned at the time of grant.
Schedule of RSU Activity
A summary of the Company’s RSU activity was as follows:
Restricted Stock Units OutstandingWeighted-Average
Value at Grant
Date Per Share
Unvested RSUs as of December 31, 2023
2,072,855 $2.96 
RSUs granted3,735,601 $1.82 
RSUs vested(910,921)$2.59 
RSUs forfeited or canceled(468,263)$2.07 
Unvested RSUs as of September 30, 2024
4,429,272 $2.17 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity was as follows:
Number of
Stock Options
Weighted-
Average
Exercise Price
Per Share
Weighted-
Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic
Value
(in thousands)
Options outstanding as of December 31, 2023
55,596,831$4.75 6.89$7,368 
Granted3,405,500$1.97 
Exercised(1,245,836)$0.12 
Canceled or forfeited(12,397,616)$6.71 
Options outstanding as of September 30, 2024
45,358,879$4.13 7.04$3,505 
Options exercisable as of September 30, 2024
29,015,590$4.60 6.30$3,505 
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Estimating Fair Value of Stock Options Granted
The fair value of stock options granted to employees and directors was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions:
Nine Months Ended September 30,
20242023
Risk-free interest rate4.17 %4.13 %
Expected volatility76.0 %88.2 %
Expected term (in years)5.906.06
Expected dividend yield%%