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Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Common Stock Shares Reserved for Issuance

As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:

		September 30, 2022				December 31, 2021
Options outstanding under incentive award plans			4,760,085				3,577,485
Unvested restricted stock units			100,880				—
Shares available for future grant under incentive award plans			1,108,605				1,138,622
Shares available for future grant under employee stock purchase plans			408,134				240,000
Shares available for future grant under employment inducement award plans			1,400,000				—
Pre-funded warrants			14,630,000				—
Total shares reserved			22,407,704				4,956,107

Summary of Stock Option Activity

The following table summarizes the stock option activity for all stock plans during the nine months ended September 30, 2022:

		Number of Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
										(in years)				(in thousands)
Outstanding as of December 31, 2021			3,577,485			$	9.72				9.09			$	491
Granted			1,330,020				4.32
Exercised			(10,000	)			0.00								21
Forfeited			(137,420	)			9.23
Outstanding as of September 30, 2022			4,760,085			$	8.24				8.69			$	2,435
Exercisable, September 30, 2022			2,380,117			$	9.10				8.18			$	131
Vested and expected to vest, September 30, 2022			4,760,085			$	8.24				8.69			$	2,435

Schedule of Stock Options Weighted Average Assumptions

The Company estimated the fair value of options granted and rights to acquire stock granted under the Company’s employee stock purchase plan using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis:

		Nine Months Ended September 30,
		2022				2021
Stock Option Plans
Expected term (years)			5.99				6.03
Expected volatility			72.69	%			76.59	%
Risk-free interest rate			2.21	%			1.12	%
Fair value of underlying common stock		$	4.32			$	11.92
Weighted average grant-date fair value per share		$	2.82			$	7.87
Employee Stock Purchase Plans
Expected term (years)			0.75				—
Expected volatility			70.86	%			—	%
Risk-free interest rate			1.89	%			—	%
Fair value of underlying common stock		$	1.66			$	—
Weighted average grant-date fair value per share		$	0.65			$	—

Summary of Restricted Stock Award Activity

The following table summarizes the RSU activity for all stock plans during the nine months ended September 30, 2022:

		Number of Shares				Weighted Average Grant-Date Fair Value
Unvested restricted stock units as of December 31, 2021			—			$	—
Granted			117,750				3.27
Forfeited			(16,870	)			3.36
Unvested restricted stock units as of September 30, 2022			100,880			$	3.26

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2022				2021				2022				2021
Research and development expense		$	795			$	401			$	2,252			$	1,374
General and administrative expense			1,891				1,454				5,829				4,222
Total stock-based compensation expense		$	2,686			$	1,855			$	8,081			$	5,596

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