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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Share-based Compensation Expense | Stock-based compensation expense recognized for all equity awards has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development expense |  | $ | 652 |  |  | $ | 55 |  |  | $ | 1,260 |  |  | $ | 109 |
General and administrative expense |  |  | 1,446 |  |  |  | 301 |  |  |  | 3,088 |  |  |  | 511 |
Total stock-based compensation expense |  | $ | 2,098 |  |  | $ | 356 |  |  | $ | 4,348 |  |  | $ | 620 |
Summary of Activity Related to Stock Option Grants | A summary of the Company’s stock option activity for the six months ended June 30, 2023 is as follows:
|  | Shares Subject to Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2022 |  |  | 12,063,560 |  |  | $ | 6.07 |  |  |  |  |  |  |
Granted |  |  | 4,749,600 |  |  | $ | 8.03 |  |  |  |  |  |  |
Exercised |  |  | (1,353,688 | ) |  | $ | 3.00 |  |  |  |  |  |  |
Forfeited |  |  | (76,054 | ) |  | $ | 21.32 |  |  |  |  |  |  |
Outstanding at June 30, 2023 |  |  | 15,383,418 |  |  | $ | 6.87 |  |  |  | 6.82 |  |  | $ | 38,180,094 |
Exercisable at June 30, 2023 |  |  | 10,630,299 |  |  | $ | 6.35 |  |  |  | 5.59 |  |  | $ | 38,052,504 |
Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model | The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following weighted-average assumptions:
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Expected term (in years) |  |  | 6.0 |  |  |  | 6.1 |
Expected volatility |  |  | 95.3 | % |  |  | 91.3 | %
Risk-free interest rate |  |  | 3.9 | % |  |  | 2.1 | %
Expected dividend yield |  |  | — |  |  |  | — |

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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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