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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock unit activity:

			Shares						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022			743,950						$	23.07
Issued			308,550						2.90
Vested			(183,611)						26.94
Forfeited			(211,524)						11.72
Unvested as of June 30, 2023			657,365						$	15.94

Summary of Stock Option Activity

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, 2022			8,838,028						$	13.93
Granted			2,813,641						2.83
Exercised			(44,644)						2.27												$	83
Cancelled or Forfeited			(1,492,830)						11.87
Outstanding as of June 30, 2023			10,114,195						$	11.20					8.03						$	68
Exercisable as of June 30, 2023			4,922,220						$	13.13					7.28						$	34
Vested and expected to vest as of June 30, 2023			10,114,195						$	11.20					8.03						$	68

Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model

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,
			2023						2023
Risk-free interest rate			3.84		%				3.53		%
Expected term (in years)			6.00						6.00
Expected volatility			88.43		%				88.23		%
Expected dividend yield			—		%				—		%
Weighted average grant-date fair value per share			$	0.72					$	2.12

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Research and development			$	1,918					$	2,987					$	4,141					$	6,201
General and administrative			3,857						4,624						9,227						9,296
Total stock-based compensation expense			$	5,775					$	7,611					$	13,368					$	15,497

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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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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