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Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2023:
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2022 |  |  | 6,690,492 |  |  | $ | 4.27 |  |  |  |  |  |  |
Granted |  |  | 1,796,570 |  |  | $ | 6.00 |  |  |  |  |  |  |
Exercised |  |  | (16 | ) |  | $ | 1.60 |  |  |  |  |  |  |
Forfeited and cancelled |  |  | (12,647 | ) |  | $ | 5.37 |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 8,474,399 |  |  | $ | 4.64 |  |  |  | 8.7 |  |  | $ | 12,929 |
Exercisable at March 31, 2023 |  |  | 1,755,709 |  |  | $ | 3.92 |  |  |  | 5.7 |  |  | $ | 5,938 |
Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:
| Three Months Ended March 31, |
| 2023 |  |  | 2022 |
Options to purchase common stock |  | 8,474,399 |  |  |  | 6,424,324 |
Non-vested restricted stock units |  | 485,942 |  |  |  | 217,730 |
Total |  | 8,960,341 |  |  |  | 6,642,054 |
Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions | The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
Risk-free interest rate |  | 3.45% |  | 1.47% - 1.70%
Expected volatility |  | 87.68% |  | 82.98% - 83.59%
Expected term (in years) |  | 6.08 |  | 6.08
Expected dividend yield |  | 0% |  | 0%
Summary of Total Stock-based Compensation Expense | The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):
| Three Months Ended March 31, |
| 2023 |  |  | 2022 |
Research and development | $ | 1,475 |  |  | $ | 1,568 |
General and administrative |  | 2,139 |  |  |  | 2,377 |
Total stock-based compensation expense | $ | 3,614 |  |  | $ | 3,945 |
Summary of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity for the three months ended March 31, 2023:
|  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value |
Outstanding at December 31, 2022 |  |  | 191,925 |  |  | $ | 7.83 |
Granted |  |  | 297,323 |  |  | $ | 6.00 |
Vested |  |  | (1,662 | ) |  | $ | 7.97 |
Forfeited |  |  | (1,644 | ) |  | $ | 6.37 |
Outstanding at March 31, 2023 |  |  | 485,942 |  |  | $ | 6.72 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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