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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 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

 

 
Schedule of 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

 
Summary of 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