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Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 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			2,740,564						$	1.71
Exercised			—						$	—					—
Forfeited or expired			(268,342)						$	7.80
Outstanding as of September 30, 2023			6,263,910						$	7.27					8.27						$	119,691
Options vested and expected to vest as of September 30, 2023			6,263,910						$	7.27					8.27						$	119,691
Options exercisable as of September 30, 2023			2,393,294						$	11.67					7.12						$	6,160

			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			1,837,513						$	8.90
Exercised			(852)						$	5.67
Forfeited or expired			(194,548)						$	11.62
Outstanding as of September 30, 2022			3,799,573						$	11.40					8.59						$	2,400
Options vested and expected to vest as of September 30, 2022			3,799,573						$	11.40					8.59						$	2,400
Options exercisable as of September 30, 2022			1,248,875						$	13.63					7.64						$	—

Schedule of Valuation Assumptions Used

The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:

			Nine Months Ended September 30,
			2023			2022
Risk-free interest rate			4.00%			2.04%
Expected dividend yield			0%			0%
Expected volatility			96.0%			97.8%
Expected term of options (years)			6.01			6.00

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 September 30,												Nine Months  Ended September 30,
															2023						2022						2023						2022
Research and development															$	815,000					$	831,000					$	2,607,000					$	2,392,000
General and administrative															872,000						1,081,000						2,857,000						3,651,000
Total															$	1,687,000					$	1,912,000					$	5,464,000					$	6,043,000

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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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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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