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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:

		Three Months Ended March 31,
		2023				2022
		(in thousands)
Research and development		$	2,135			$	1,642
General and administrative			2,084				1,563
Total		$	4,219			$	3,205

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2023:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Contractual Term				Aggregate Intrinsic Value
		(in years)
Options outstanding as of December 31, 2022			12,924,086			$	6.50				8.13			$	24,267,448
Granted			4,257,952				5.37
Exercised			(30,590	)			2.37
Cancelled			(133,208	)			9.65
Options outstanding as of March 31, 2023			17,018,240			$	6.20				8.37			$	6,441,051
Options exercisable as of March 31, 2023			6,042,026			$	5.32				7.26			$	5,253,390

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity for the three months ended March 31, 2023:

		Number of Stock Units				Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2022			—			$	-
Granted			637,138				5.20
Vested			—				—
Forfeited			(3,512	)			5.20
Unvested and outstanding as of March 31, 2023			633,626			$	5.20

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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