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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Incentive Plan In March 2017, the Company's stockholders approved the 2017 Stock Option and Grant Plan, pursuant to which stock options, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs), or any combination of the forgoing could be issued to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. The 2021 Stock Option and Incentive Plan (the 2021 Plan) became effective upon the closing of the Business Combination and replaced the 2017 Stock Option and Grant Plan. The 2021 Plan allows the Company to issue stock options, stock appreciation awards, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs) and cash-based awards, or any combination of the forgoing to eligible employees, officers, directors, or consultants. As of September 30, 2023, the Comp any had 6,200,500 sha res available for future issuance under the 2021 Plan. The 2023 Inducement Plan (the Inducement Plan) became effective upon approval of the Company's board of directors in February 2023. The Inducement Plan allows the Company to make equity and equity-based incentive awards to individuals who were not previously employees or directors of the Company. As of September 30, 2023, the Company had 2,256,250 sha res available for future issuance under the Inducement Plan. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Research and development |  | $ | 2,573 |  |  | $ | 1,791 |  |  | $ | 7,516 |  |  | $ | 5,089 |
General and administrative |  |  | 2,287 |  |  |  | 2,024 |  |  |  | 6,684 |  |  |  | 5,356 |
Total |  | $ | 4,860 |  |  | $ | 3,815 |  |  | $ | 14,200 |  |  | $ | 10,445 |
Stock Option Activity The following table summarizes the stock option activity for the nine months ended September 30, 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 |  |  | 5,113,352 |  |  |  | 5.19 |  |  |  |  |  |  |
Exercised |  |  | (246,848 | ) |  |  | 2.26 |  |  |  |  |  |  |
Cancelled |  |  | (695,585 | ) |  |  | 8.01 |  |  |  |  |  |  |
Options outstanding as of September 30, 2023 |  |  | 17,095,005 |  |  | $ | 6.12 |  |  |  | 7.83 |  |  | $ | 87,902,516 |
Options exercisable as of September 30, 2023 |  |  | 7,372,207 |  |  | $ | 5.65 |  |  |  | 7.14 |  |  | $ | 41,520,355 |
As of September 30, 2023, total unrecognized compensation expense related to stock option s was $3 9.3 million, whi ch the Company expects to recognize over a remaining weighted-average period o f 2.5 years. Restricted Stock Unit Activity The following table summarizes the RSU activity for the nine months ended September 30, 2023:
|  | Number of Stock Units |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested and outstanding as of December 31, 2022 |  |  | — |  |  | $ | - |
Granted |  |  | 809,738 |  |  |  | 4.94 |
Vested |  |  | (37,500 | ) |  |  | 2.67 |
Forfeited |  |  | (14,591 | ) |  |  | 4.60 |
Unvested and outstanding as of September 30, 2023 |  |  | 757,647 |  |  | $ | 5.05 |
As of September 30, 2023, total unrecognized compensation exp ense related to RSUs was $3.1 million, which the Company expects to recognize over a remaining weighted-average period o f 2.3 years. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the ESPP) was adopted and approved by the Company’s board of directors and by the Company’s stockholders and became effective upon the closing of the Business Combination. During the nine months ended September 30, 2023, the Company issued 186,761 shares of co mmon stock under the ESPP.

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