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Stock-Based Compensation (Tables)

12 Months Ended

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%

X

- 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.

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