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Stock-Based Compensation Plans (Tables)

3 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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