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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock-Based Compensation Expense | The stock-based compensation expense included in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2022 and 2021 is as follows (in thousands):
|  | Years ended December 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 6,326 |  |  | $ | 5,020 |
General and administrative |  |  | 9,966 |  |  |  | 4,248 |
|  | $ | 16,292 |  |  | $ | 9,268 |
Options with Service, Market, and Performance Conditions |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Option Activity | Stock option activity with combined service, market, and performance conditions for employees for the year ended December 31, 2022 is as follows:
| Shares Issuable Pursuant to Stock Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2021 |  | 4,887,624 |  | $ | 7.00 |  |  |  |  |
Granted |  | 1,273,606 |  | $ | 4.09 |  |  |  |  |
Forfeited |  | (1,903,323 | ) | $ | 6.06 |  |  |  |  |
Outstanding at December 31, 2022 |  | 4,257,907 |  | $ | 6.54 |  |  | 7.77 |  | $ | — |
Exercisable at December 31, 2022 |  | — |  | $ | — |  |  | — |  | $ | — |
Summary of Grant-date Fair Value of Stock Options Granted | The fair value of the stock options granted with combined service, market, and performance conditions was based on a Monte Carlo simulation with an embedded Black-Sholes pricing model. For the years ended December 31, 2022 and 2021, the fair value was computed using the following assumptions:
|  | December 31,
|  | 2022 |  | 2021
Exercise price |  | $1.91 - $6.10 |  | $8.25 - $14.39
Risk-free interest rate |  | 1.77% - 2.97% |  | 0.92% - 1.70%
Expected volatility |  | 74% - 75% |  | 72% - 74%
Expected term in years |  | 5.63 - 6.98 |  | 6.23 - 7.50
Dividend |  | 0% |  | 0%
Options with Service Conditions [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Option Activity | Stock option activity with service condition only for employees and members of the Company’s Board of Directors for the year ended December 31, 2022 is as follows:
| Shares Issuable Pursuant to Stock Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2021 |  | 6,328,651 |  | $ | 5.37 |  |  |  |  |
Granted |  | 16,473,165 |  | $ | 4.24 |  |  |  |  |
Forfeited |  | (3,654,129 | ) | $ | 5.45 |  |  |  |  |
Expired |  | — |  | $ | — |  |  |  |  |
Exercised |  | (539,880 | ) | $ | 1.74 |  |  |  | $ | 953 |
Outstanding at December 31, 2022 |  | 18,607,807 |  | $ | 4.46 |  |  | 8.95 |  | $ | 416 |
Exercisable at December 31, 2022 |  | 3,080,958 |  | $ | 4.56 |  |  | 7.58 |  | $ | 326 |
Summary of Grant-date Fair Value of Stock Options Granted | For stock options granted with only service conditions during the years ended December 31, 2022 and 2021, the inputs in the Black-Scholes option-pricing model to determine the fair value is as follows:
|  | December 31,
|  | 2022 |  | 2021
Exercise price |  | $1.91 - $6.10 |  | $8.25 - $14.39
Risk-free interest rate |  | 1.69% - 3.75 |  | 0.51% - 1.39%
Expected volatility |  | 80% - 82% |  | 90% - 95%
Expected term in years |  | 5.50 - 6.08 |  | 5.28 - 6.25
Dividend |  | 0% |  | 0%

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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 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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