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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
Summary of Unvested Shares | A summary of the Company’s unvested shares is as follows:
Balance at December 31, 2022 |  |  | 254,437 |
Share vesting |  |  | (254,437 | )
Balance at June 30, 2023 |  |  | — |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consists of the following:
|  | June 30, 2023 |
Common stock warrants |  |  | 91,228 |
Stock options and performance-based awards outstanding |  |  | 8,965,607 |
Shares available for issuance under the 2019 Incentive Plan |  |  | 520,803 |
Shares available for issuance under the ESPP Plan |  |  | 1,048,370 |
Balance at June 30, 2023 |  |  | 10,626,008 |
Summary of PSU Activity Under the 2019 Incentive Award Plan | The following table summarizes PSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023.
|  | Number of Stock Units |  |  | Weighted- Average Grant Date Fair Value Per Share |
Unvested balance at December 31, 2022 |  |  | 412,300 |  |  | $ | 30.97 |
Granted |  |  | 597,650 |  |  |  | 10.89 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Unvested balance at June 30, 2023 |  |  | 1,009,950 |  |  | $ | 19.09 |
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards | The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Assumptions: |  |  |  |  |  |
Expected term (in years) |  |  | 0.49 |  |  |  | 0.49 |
Expected volatility |  |  | 69.10 | % |  |  | 72.41 | %
Risk free interest rate |  |  | 4.77 | % |  |  | 0.37 | %
Dividend yield |  |  | — |  |  |  | — |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information is as follows:
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2022 |  |  | 5,586,470 |  |  | $ | 23.40 |  |  |  | 7.90 |  |  | $ | 4,476 |
Options granted |  |  | 1,148,660 |  |  |  | 8.68 |  |  |  |  |  |  |
Options exercised |  |  | (15,000 | ) |  |  | 7.40 |  |  |  |  |  |  |
Options cancelled |  |  | (33,006 | ) |  |  | 34.28 |  |  |  |  |  |  |
Balance at June 30, 2023 |  |  | 6,687,124 |  |  | $ | 20.85 |  |  |  | 7.79 |  |  | $ | 14,936 |
Options exercisable as of June 30, 2023 |  |  | 3,441,791 |  |  |  | 23.53 |  |  |  | 7.06 |  |  |  | 6,680 |
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options | The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Assumptions: |  |  |  |  |  |
Expected term (in years) |  |  | 6.03 |  |  |  | 6.05 |
Expected volatility |  |  | 64.02 | % |  |  | 66.04 | %
Risk free interest rate |  |  | 3.48 | % |  |  | 1.89 | %
Dividend yield |  |  | — |  |  |  | — |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the 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 |  | $ | 1,803 |  |  | $ | 1,319 |  |  | $ | 3,580 |  |  | $ | 2,458 |
General and administrative expense |  |  | 5,450 |  |  |  | 4,566 |  |  |  | 10,721 |  |  |  | 9,202 |
Total |  | $ | 7,253 |  |  | $ | 5,885 |  |  | $ | 14,301 |  |  | $ | 11,660 |
Restricted Stock Units (RSUs) |
Summary of Unvested Shares | The following table summarizes RSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023.
|  | Number of Stock Units |  |  | Weighted- Average Grant Date Fair Value Per Share |
Unvested balance at December 31, 2022 |  |  | 877,467 |  |  | $ | 11.03 |
Granted |  |  | 812,760 |  |  |  | 8.62 |
Vested |  |  | (418,877 | ) |  |  | 10.04 |
Forfeited |  |  | (2,817 | ) |  |  | 10.26 |
Unvested balance at June 30, 2023 |  |  | 1,268,533 |  |  | $ | 9.82 |

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