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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation2020 Stock Option and Incentive Plan
The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of June 30, 2023 and December 31, 2022 was 9,918,602 shares and 7,449,480 shares, respectively.
2017 Stock Incentive Plan
The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of June 30, 2023 and December 31, 2022 was 5,937,763 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.
2020 Employee Stock Purchase Plan
The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of June 30, 2023 and December 31, 2022 was 1,308,408 shares and 981,306 shares, respectively.
Restricted Stock Units
The following table summarizes the Company’s restricted stock unit activity:
SharesWeighted
Average
Grant Date
Fair Value
Unvested as of December 31, 2022743,950 $23.07 
Issued308,550 2.90 
Vested(183,611)26.94 
Forfeited(211,524)11.72 
Unvested as of June 30, 2023657,365 $15.94 
As of June 30, 2023, total unrecognized compensation cost related to unvested restricted stock units was $8.7 million, which is expected to be recognized over a weighted-average period of 2.27 years.
Stock Options
The following table summarizes the Company’s stock option activity:
Number of
Shares		Weighted
Average
Exercise Price
per Share		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
(In years)(In thousands)
Outstanding as of December 31, 20228,838,028 $13.93 
Granted2,813,641 2.83 
Exercised(44,644)2.27 $83 
Cancelled or Forfeited(1,492,830)11.87 
Outstanding as of June 30, 202310,114,195 $11.20 8.03$68 
Exercisable as of June 30, 20234,922,220 $13.13 7.28$34 
Vested and expected to vest as of June 30, 202310,114,195 $11.20 8.03$68 
Valuation of Stock Options
The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2023:
Three Months Ended
June 30,		Six Months Ended
June 30,
20232023
Risk-free interest rate3.84 %3.53 %
Expected term (in years)6.006.00
Expected volatility88.43 %88.23 %
Expected dividend yield— %— %
Weighted average grant-date fair value per share$0.72 $2.12 
As of June 30, 2023, total unrecognized compensation cost related to unvested stock options was $34.3 million, which is expected to be recognized over a weighted-average period of 1.87 years.
Stock-Based Compensation
Stock-based compensation expense was allocated as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Research and development$1,918 $2,987 $4,141 $6,201 
General and administrative3,857 4,624 9,227 9,296 
Total stock-based compensation expense$5,775 $7,611 $13,368 $15,497