Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Share-Based Compensation Expense |
The Company recognized share-based compensation expense by function as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | General and administrative | | $ | 2,462 | | | $ | 2,742 | | | $ | 5,050 | | | $ | 5,533 | | | Research and development | | 1,649 | | | 2,641 | | | 3,205 | | | 5,545 | | | Total share-based compensation expense | | $ | 4,111 | | | $ | 5,383 | | | $ | 8,255 | | | $ | 11,078 | |
The Company recognized share-based compensation expense by award type as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Stock options | | $ | 2,981 | | | $ | 3,676 | | | $ | 6,114 | | | $ | 7,503 | | | Restricted stock units | | 1,005 | | | 1,429 | | | 1,838 | | | 2,992 | | | Employee share purchase plan | | 125 | | | 125 | | | 303 | | | 277 | | | Performance restricted stock units | | — | | | 153 | | | — | | | 306 | | | Total share-based compensation expense | | $ | 4,111 | | | $ | 5,383 | | | $ | 8,255 | | | $ | 11,078 | |
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| Summary of Assumptions Used to Estimate Fair Value of Employee Stock Options |
The fair value of each option issued was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Risk-free interest rate | 4.0% | | 4.3% | | 4.4% | | 4.3% | | Expected volatility | 54.6% | | 57.1% | | 52.7% | | 54.4% | | Expected term (years) | 5.8 | | 5.6 | | 6.0 | | 6.0 | | Dividend yield | —% | | —% | | —% | | —% |
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| Summary of Stock Options Roll Forward |
The following table summarizes stock option activity under the Company’s equity award plans: | | | | | | | | | | | | | | | | | | | | | | | | | Shares | | Weighted-Average Exercise Price per Share | | Weighted-Average Remaining Contractual Life (in years) | | Aggregate Intrinsic Value (in thousands)(1) | Outstanding at January 1, 2025 | 16,880,628 | | | $ | 6.40 | | | | | | | Granted | 4,141,388 | | | $ | 3.42 | | | | | | | Exercised | (11,983) | | | $ | 3.69 | | | | | | | Cancelled/Expired | (1,672,006) | | | $ | 7.18 | | | | | | Outstanding at June 30, 2025 | 19,338,027 | | | $ | 5.70 | | | 7.8 | | $ | 38 | | Exercisable at June 30, 2025 | 9,368,732 | | | $ | 7.14 | | | 6.9 | | $ | — | |
_____________ (1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options as of June 30, 2025.
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| Summary of RSU Activity |
The following table summarizes RSU activity during the six months ended June 30, 2025 under the Company’s equity awards plans:
| | | | | | | | | | | | | Shares | | Weighted-Average Grant Date Fair Value | Unvested balance at January 1, 2025 | 1,761,208 | | | $ | 5.23 | | | Granted | 1,129,201 | | | $ | 3.31 | | | Vested | (665,316) | | | $ | 6.05 | | | Forfeited | (197,520) | | | $ | 5.08 | | Unvested balance at June 30, 2025 | 2,027,573 | | | $ | 3.90 | |
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| Summary of PRSU Activity |
The following table summarizes the PRSU activity during the six months ended June 30, 2025, under the Company’s equity awards plans:
| | | | | | | | | | | | | Shares | | Weighted-Average Grant Date Fair Value | Unvested balance at January 1, 2025 | 94,749 | | | $ | 16.11 | | | Granted | — | | | $ | — | | | Vested | (149,882) | | | $ | 16.11 | | | Change in units based on performance achievement | 55,133 | | | $ | 16.11 | | | Forfeited | — | | | $ | — | | Unvested balance at June 30, 2025 | — | | | $ | — | |
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