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Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended March 31, 2023 is as follows (in thousands, expect share and per share data and years):
|  | Options |  |  | Weighted-Average Exercise Price per Share |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | 5,890,869 |  |  | $ | 7.91 |  |  |  | 8.8 |  |  | $ | 13,492 |
Granted |  |  | 541,300 |  |  | $ | 8.55 |  |  |  |  |  |  |
Exercised |  |  | (97,227 | ) |  | $ | 1.68 |  |  |  |  |  |  |
Cancelled |  |  | (208,849 | ) |  | $ | 11.68 |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 6,126,093 |  |  | $ | 7.94 |  |  |  | 8.5 |  |  | $ | 55,897 |
Exercisable at March 31, 2023 |  |  | 1,975,304 |  |  | $ | 7.06 |  |  |  | 7.5 |  |  | $ | 20,377 |
Vested and expected to vest as of March 31, 2023 |  |  | 6,126,093 |  |  | $ | 7.94 |  |  |  | 8.5 |  |  | $ | 55,897 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the following assumptions (excluding option modifications):
|  | Three Months Ended March 31, |
|  | 2023 |  | 2022 |
Stock Options: |  |  |  |  |
Stock price |  | $7.07 - 13.20 |  | $10.96 - 12.31 |
Risk-free rate of interest |  | 3.5 - 4.2% |  | 1.6 - 2.0% |
Expected term (years) |  | 6.0 - 6.1 |  | 6.0 - 6.1 |
Expected stock price volatility |  | 89.2 - 89.7% |  | 86.4 - 90.4% |
Dividend yield |  | — |  | — |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development expense |  | $ | 1,460 |  |  | $ | 1,478 |
General and administrative expense |  |  | 973 |  |  |  | 2,494 |
Total |  | $ | 2,433 |  |  | $ | 3,972 |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following:
|  | March 31, 2023 |  |  | December 31, 2022 |
Common stock options granted and outstanding |  |  | 6,126,093 |  |  |  | 5,890,869 |
Shares available for future issuance under the 2021 Incentive Award Plan |  |  | 6,138,644 |  |  |  | 4,339,373 |
Shares available for future issuance under the 2021 Employee Stock Purchase Plan |  |  | 1,153,344 |  |  |  | 759,442 |
Total common stock reserved for future issuance |  |  | 13,418,081 |  |  |  | 10,989,684 |
Schedule of Share-Based Compensation, Employee Stock Purchase Plan | The fair value of shares purchased under the ESPP was estimated using the following assumptions:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
Stock Options: |  |  |  |
Stock price |  | $14.77 |  | $11.03
Risk-free rate of interest |  | 4.1 - 4.9% |  | 0.9 - 2.0%
Expected term (years) |  | 0.5 - 2.0 |  | 0.5 - 2.0
Expected stock price volatility |  | 99.2 - 122.5% |  | 80.7 - 89.8%
Dividend yield |  | — |  | —

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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