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Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity for the quarters ended March 31, 2023 and 2022, respectively, for the 2019 Plan:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2023 | 3,791,688 |  |  | $ | 11.33 |  |  |  |  |
Granted | 1,815,314 |  |  | $ | 1.41 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  | — |  |  |
Forfeited or expired | (11,161) |  |  | $ | 13.29 |  |  |  |  |
Outstanding as of March 31, 2023 | 5,595,841 |  |  | $ | 8.11 |  |  | 8.66 |  | $ | 161,428 |
Options vested and expected to vest as of March 31, 2023 | 5,595,841 |  |  | $ | 8.11 |  |  | 8.66 |  | $ | 161,428 |
Options exercisable as of March 31, 2023 | 1,888,367 |  |  | $ | 12.66 |  |  | 7.67 |  | $ | 1,980 |
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2022 | 2,157,460 |  |  | $ | 13.54 |  |  |  |  |
Granted | 1,301,513 |  |  | $ | 10.90 |  |  |  |  |
Exercised | (852) |  |  | $ | 5.67 |  |  |  |  |
Forfeited or expired | (34,639) |  |  | $ | 12.68 |  |  |  |  |
Outstanding as of March 31, 2022 | 3,423,482 |  |  | $ | 12.55 |  |  | 9.00 |  | $ | 1,464,329 |
Options vested and expected to vest as of March 31, 2022 | 3,423,482 |  |  | $ | 12.55 |  |  | 9.00 |  | $ | 1,464,329 |
Options exercisable as of March 31, 2022 | 952,888 |  |  | $ | 13.85 |  |  | 8.25 |  | $ | 215,617 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Three Months Ended March 31,
| 2023 | 2022
Risk-free interest rate | 3.97% | 1.53%
Expected dividend yield | 0% | 0%
Expected volatility | 102.0% | 97.4%
Expected term of options (years) | 6.02 | 6.02
Schedule of Stock-based Compensation Expense for Stock Awards Recognized | Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Research and development |  |  |  |  | $ | 903,000 |  |  | $ | 796,000 |
General and administrative |  |  |  |  | $ | 1,076,000 |  |  | $ | 1,273,000 |
Total |  |  |  |  | $ | 1,979,000 |  |  | $ | 2,069,000 |

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