Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation and Other Benefit Plans (Tables)

v3.24.0.1
Stock Based Compensation and Other Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Share-based compensation  
Schedule of stock option activity

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Weighted

    

Weighted

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Average

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Average

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Aggregate

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Exercise

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Contractual 

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Intrinsic

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Number of

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Price

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Remaining Term

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Value

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shares

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Per Share

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(in years)

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(in thousands)

Outstanding at January 1, 2023

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2,025,542

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$

20.24

 

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6.10

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$

10,804

Granted

 

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804,302

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23.44

 

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Exercised

 

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(28,473)

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8.27

 

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Forfeited, expired or cancelled

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(71,303)

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36.51

 

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Outstanding at December 31, 2023

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2,730,068

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$

20.88

 

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6.29

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$

10,638

Exercisable at December 31, 2023

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1,961,143

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$

19.73

 

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5.27

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$

10,606

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Schedule of grant date fair values of PSUs granted

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Derived

Hurdle Price

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Number of

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Fair Value

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Service Period

Per Share

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PSUs

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Per Share

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(in years)

$

30.00

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243,550

 

$

11.42-17.45

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0.69-2.59

$

35.00

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91,239

 

$

10.16-16.07

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0.93-2.59

$

40.00

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60,024

 

$

9.07-14.84

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1.12-2.59

$

45.00

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53,787

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$

8.12-13.72

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1.27-2.59

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448,600

 

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Schedule of performance shares, outstanding activity

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Weighted

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Average

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Grant Date

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Number of

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Fair Value

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Unvested PSUs

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Per Share

Unvested balance at January 1, 2023

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—

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$

—

Granted

 

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448,600

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15.40

Vested

 

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—

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—

Forfeited

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—

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—

Unvested balance at December 31, 2023

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448,600

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$

15.40

Summary of stock-based compensation expense

All stock-based compensation expense is recorded in G&A expense. The following table shows total stock-based compensation expense for stock options and ESPP in the consolidated statements of operations and comprehensive loss (in thousands):

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Year Ended December 31, 

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2023

    

2022

Total stock-based compensation expense included in G&A

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$

9,099

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$

3,608

2010 Plan  
Share-based compensation  
Schedule of valuation assumptions

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Year Ended December 31, 

 

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2023

    

2022

 

Dividend yield

 

0

%

0

%

Expected volatility

 

70

%

69

%

Risk-free interest rate

 

3.71

%

2.68

%

Expected term

 

5.79 years

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5.64 years

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Stock Option Inducement Award, Exercise price of $18.66 per share  
Share-based compensation  
Schedule of valuation assumptions

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Year Ended December 31, 

 

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2023

    

2022(1)

 

Dividend yield

 

0

%  

—

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Expected volatility

 

69

%  

—

​

Risk-free interest rate

 

3.92

%  

—

​

Expected term

 

5.79 years

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—

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(1)No Stock Option Inducement Awards were granted during the year ended December 31, 2022.
Stock Option Inducement Award, Exercise price of $30.00 per share  
Share-based compensation  
Schedule of valuation assumptions

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Year Ended December 31, 

 

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2023

    

2022(1)

 

Dividend yield

 

0

%  

—

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Expected volatility

 

91

%  

—

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Risk-free interest rate

 

3.86

%  

—

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Expected term

 

8.01 years

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—

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(1) No Stock Option Inducement Awards were granted during the year ended December 31, 2022.