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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees and related to the Company's 2015 Employee Stock Purchase Plan, or ESPP, in the condensed consolidated statements of comprehensive loss as follows:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

3,853

 

 

$

1,820

 

 

$

10,329

 

 

$

4,531

 

General and administrative

 

4,468

 

 

 

2,542

 

 

 

12,295

 

 

 

7,247

 

Total

$

8,321

 

 

$

4,362

 

 

$

22,624

 

 

$

11,778

 
Compensation Expense by Type of Award

Compensation expense by type of award in the three and nine months ended September 30, 2023 and 2022 was as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

$

7,242

 

 

$

3,864

 

 

$

19,654

 

 

$

9,977

 

Restricted Stock Units

 

990

 

 

 

452

 

 

 

2,749

 

 

 

1,690

 

Employee Stock Purchase Plan

 

89

 

 

 

46

 

 

 

221

 

 

 

111

 

Total

$

8,321

 

 

$

4,362

 

 

$

22,624

 

 

$

11,778

 

 
Summary of Restricted Stock Units Activity

RSUs awarded to members of the Company's board of directors or employees vest on either (i) the one-year anniversary date of the related grant or (ii) 25% on each anniversary date of the related grant for four years. The following table summarizes the Company's RSU activity:

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Unvested—December 31, 2022

 

 

224,788

 

 

$

18.02

 

Granted (1)

 

 

308,550

 

 

$

24.94

 

Vested

 

 

(9,102

)

 

$

13.87

 

Unvested—September 30, 2023 (2)

 

 

524,236

 

 

$

22.16

 

(1) RSUs granted in 2023 and 2022 had a weighted average grant date fair value of $24.94 and $15.79, respectively. The fair values of RSUs vested in 2023 and 2022 totaled $127,000 and $656,000, respectively.

(2) Unvested RSUs as of September 30, 2023, include 317,333 RSUs which were granted to members of the Company's board of directors and will not be considered issued and outstanding until the occurrence of a separation from service, death, disability, or a change in control.