Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
9 Months Ended
Sep. 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 nine months ended September 30, 2024 is as follows:

Number of RSAs

Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2023
135,701 $ 23.60
Vested (80,029) $ 22.52
Unvested and outstanding at September 30, 2024
55,672 $ 25.16

Total RSA expense for the three and nine months ended September 30, 2024 was $0.1 million and $0.5 million, respectively. Total RSA expense for the three and nine months ended September 30, 2023 was $0.3 million and $0.9 million, respectively. As of September 30, 2024, the total compensation cost related to unvested RSAs not yet recognized is $0.1 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 0.4 years.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the nine months ended September 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 1,108,882 $ 2.96
Forfeited (119,659) $ 38.20
Vested (424,616) $ 36.51
Unvested and outstanding at September 30, 2024
1,254,444 $ 12.61

Total RSU expense, net of amounts capitalized, for the three and nine months ended September 30, 2024 was $1.3 million and $1.6 million, respectively. Total RSU expense, net of amounts capitalized, for the three and nine months ended September 30, 2023 was $2.9 million and $12.8 million, respectively. As of September 30, 2024, the total compensation cost related to unvested RSUs not yet recognized is $4.5 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 1.75 years.