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Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

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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