Stockholders' Equity (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Summary of Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consists of the following:
|
|
|
|
|
|
|
March 31, 2024 |
|
Common stock warrants |
|
|
91,228 |
|
Stock options and restricted stock units outstanding |
|
|
9,163,884 |
|
Shares available for issuance under the 2019 Incentive Plan |
|
|
1,708,426 |
|
Shares available for issuance under the ESPP Plan |
|
|
1,433,220 |
|
Balance at March 31, 2024 |
|
|
12,396,758 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards |
The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
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|
|
Three Months Ended
March 31, |
|
|
2024 |
|
2023 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
0.49 |
|
0.49 |
Expected volatility |
|
119.08% |
|
69.10% |
Risk free interest rate |
|
5.16% |
|
4.77% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity and related information is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Outstanding |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Balance at January 1, 2024 |
|
|
4,550,081 |
|
|
$ |
11.75 |
|
|
|
7.50 |
|
|
$ |
3,379 |
|
Options granted |
|
|
1,868,400 |
|
|
|
7.76 |
|
|
|
|
|
|
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Options cancelled |
|
|
(159,666 |
) |
|
|
10.07 |
|
|
|
|
|
|
|
Balance at March 31, 2024 |
|
|
6,258,815 |
|
|
$ |
10.60 |
|
|
|
7.81 |
|
|
$ |
11,944 |
|
Options exercisable as of March 31, 2024 |
|
|
2,661,798 |
|
|
$ |
12.28 |
|
|
|
5.92 |
|
|
$ |
4,280 |
|
Vested and expected to vest as of March 31, 2024 |
|
|
6,258,815 |
|
|
$ |
10.60 |
|
|
|
7.81 |
|
|
$ |
11,944 |
|
|
| Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options |
The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
2024 |
|
2023 |
Assumptions: |
|
|
|
|
Expected term (in years) |
|
6.07 |
|
6.08 |
Expected volatility |
|
74.61% |
|
63.77% |
Risk free interest rate |
|
4.05% |
|
3.46% |
Dividend yield |
|
— |
|
— |
|
| Summary of Stock-Based Compensation Expense |
Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands):
|
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|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Research and development expense |
|
$ |
1,249 |
|
|
$ |
1,776 |
|
Selling, general and administrative expense |
|
|
4,377 |
|
|
|
5,272 |
|
Total |
|
$ |
5,626 |
|
|
$ |
7,048 |
|
|
| Restricted Stock Units (RSUs) |
|
| Summary of Unvested Shares |
The following table summarizes RSU activity under the 2019 Plan during the three months ended March 31, 2024:
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|
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|
|
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|
|
|
Number of
Stock Units |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
Unvested balance at January 1, 2024 |
|
|
2,653,892 |
|
|
$ |
11.91 |
|
Granted |
|
|
726,712 |
|
|
|
7.68 |
|
Vested |
|
|
(340,542 |
) |
|
|
10.28 |
|
Forfeited |
|
|
(134,993 |
) |
|
|
11.32 |
|
Unvested balance at March 31, 2024 |
|
|
2,905,069 |
|
|
$ |
11.07 |
|
|