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Stockholders' Equity (Tables)

6 Months Ended

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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