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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

Share-based compensation expense by type of award was as follows (in thousands):

	March 31
	2023			2022
Stock options	$	4,915		$	3,030
Restricted stock units		2,877			696
Restricted stock units - chief executive officer		2,206			755
ESPP		158		—
Total share-based compensation expense	$	10,156		$	4,481

Share-based compensation expense as reflected in the condensed consolidated statement of operations and comprehensive loss was as follows (in thousands):

	March 31
	2023			2022
Research and development	$	2,691		$	1,284
General and administrative		7,465			3,197
Total share-based compensation expense	$	10,156		$	4,481

Summary of Stock Option Activity

A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below:

	Options Outstanding and Exercisable
	Shares Subject to Outstanding Options			Weighted Average Exercise Price per Option			Weighted Average Remaining Contractual Life Term (in Years)			Aggregate Intrinsic Value (1) (in thousands)
Outstanding as of January 1, 2023		8,053,704		$	9.59			8.3		$	172,294
Options Granted		821,604			31.03
Options Forfeited		—			—
Options Exercised		(34,713	)		10.78
Outstanding as of March 31, 2023		8,840,595		$	11.58			8.2		$	170,230
Exercisable as of March 31, 2023		3,706,377		$	7.36			7.3		$	86,935

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of March 31, 2023.

Summary of Restricted Stock Units Activity

A summary of RSU activity for awards under the 2022 Plan, excluding those granted the chief executive officer below, is presented below:

	Shares Subject to Outstanding Awards			Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023		927,954		$	17.20
RSUs Granted		745,660			31.25
RSUs Vested		(222,433	)		18
RSUs Forfeited		(6,800	)		22.81
Outstanding as of March 31, 2023		1,444,381		$	24.33

Schedule of Assumptions used in Determining Grant Date Fair Value of RSU Awards

		Semi-Annual Measurement				Change in Control
Time to award end date		10 years				5 years
Equity volatility		75.0%				75.0%
Risk-free interest rate		3.8%				3.9%
Fair value of the 2023 RSU award (in thousands)		$	13,811			$	10,999

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