Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
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, 2023 is as follows:

Number of Shares of Restricted Common Stock Awards1


Average Grant-Date Fair Value1
Unvested at December 31, 2022
 288,804 $ 24.05
Forfeited (19,175) $ 36.27
Vested (46,937) $ 34.19
Unvested at June 30, 2023
 222,692 $ 20.83
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(1) Share and per share amounts have been retroactively adjusted to reflect the Reverse Stock Split. See Note 2, Summary of Significant Accounting Policies, for additional detail.

Total expense of RSAs for the three and six months ended June 30, 2023 was $0.3 million and $0.5 million, respectively. Total expense of RSAs for the three and six months ended June 30, 2022 was $0.9 million and $1.8 million, respectively. As of June 30, 2023, the total compensation cost related to unvested RSAs not yet recognized is $1.3 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 1.29 years.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the six months ended June 30, 2023 is as follows:

Number of RSUs(1)
Average Grant-Date Fair Value(1)
Unvested at December 31, 2022
 727,484 $ 81.51
Granted 574,379 $ 10.58
Forfeited (12,763) $ 69.50
Vested (342,900) $ 64.85
Vested, unsettled 85,813 $ 73.01
Unvested and outstanding at June 30, 2023
 1,032,013 $ 47.00
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(1) Share and per share amounts have been retroactively adjusted to reflect the Reverse Stock Split. See Note 2, Summary of Significant Accounting Policies, for additional detail.

Total expense of RSUs, net of amounts capitalized, for the three and six months ended June 30, 2023 was $4.1 million and $9.9 million, respectively. Total expense of RSUs for the three and six months ended June 30, 2022 was $10.9 million and $21.0 million, respectively. As of June 30, 2023, the total compensation cost related to unvested RSUs not yet recognized is $19.9 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 2.1 years.