Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Common Stock Awards

A summary of the restricted common stock awards ("RSAs") for the six months ended June 30, 2024 is as follows:

Number of Shares of Restricted Common Stock Awards

Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2023
135,701 $ 23.60
Vested (52,193) $ 25.73
Unvested and outstanding at June 30, 2024
83,508 $ 22.27

Total expense of RSAs for the three and six months ended June 30, 2024 was $0.1 million and $0.4 million, respectively. Total expense of RSAs for the three and six months ended June 30, 2023 was $0.3 million and $0.5 million, respectively. As of June 30, 2024, the total compensation cost related to unvested RSAs not yet recognized is $0.3 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 0.6 years.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the six months ended June 30, 2024 is as follows:

Number of RSUs Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2023
689,837 $ 47.43
Granted 1,080,345 $ 2.94
Forfeited (92,211) $ (47.34)
Vested (359,308) $ (38.76)
Unvested and outstanding at June 30, 2024
1,318,663 $ 13.27

Total expense of RSUs, net of amounts capitalized, for the three and six months ended June 30, 2024 was $1.5 million and $0.3 million, respectively. Total expense of RSUs for the three and six months ended June 30, 2023 was $4.1 million and $9.9 million, respectively. As of June 30, 2024, the total compensation cost related to unvested RSUs not yet recognized is $6.1 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 2.0 years.