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Stock-based Compensation (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Summary of Stock Option Activity with in 2014 Stock Incentive Plan and 2019 Incentive Award Plan
The below summary includes stock option activity within the Company’s 2014 Stock Incentive Plan and 2019 Incentive Award Plan for the three months ended March 31, 2023:
 
    
Number of
shares
in Plans
    
Weighted
average
exercise price
     
Weighted
average
remaining
contractual
term (in years)
     
Aggregate
intrinsic
value
  
Outstanding as of December 31, 2022
      5,742,053     $ 2.35        6.69      $ 9,114  
  
 
 
          
Granted
      27,350       4.66        8.61        —    
Exercised
      (2,969 )      0.07        —        $ 1  
Forfeited
      (166,346 )      2.20        —          —    
  
 
 
          
Outstanding as of March 31, 2023
      5,600,088     $ 2.36        5.63      $ 4  
  
 
 
          
Options exercisable as of March 31, 2023
      4,789,470     $ 2.40        5.29      $ 4  
  
 
 
          
Options unvested as of March 31, 2023
      810,618     $ 2.13        7.65      $ —    
  
 
 
          
A summary of the stock option activity under the 2014 Plan and the 2019 Plan are as follows:
 
    
Number of
shares
    
Weighted
average
exercise price
 (1)
     
Weighted
average
remaining
contractual
term (in years)
     
Aggregate
intrinsic
value
  
Outstanding as of December 31, 2020
      6,816,798     $ 10.11        8.45      $ 171,415  
Granted
      1,357,426       32.76        8.07        —    
Exercised
      (642,314 )      2.02        —        $ 11,652  
Forfeited
      (701,873 )      16.48        —          —    
    
 
 
                            
Outstanding as of December 31, 2021
      6,830,037     $ 5.35        7.76      $ 6,987  
    
 
 
                            
Granted
      221,176       1.78        8.32        —    
Exercised
      (10,047 )      1.24        —        $ 37  
Forfeited
      (1,299,113 )      18.04        —          —    
    
 
 
                            
Outstanding as of December 31, 2022
      5,742,053     $ 2.35        6.69      $ 9,114  
    
 
 
                            
Options exercisable as of December 31, 2022
      4,579,486     $ 2.40        6.39      $ 7,071  
    
 
 
                            
Options unvested as of December 31, 2022
      1,162,567     $ 2.12        7.84      $ 2,043  
    
 
 
                            
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.
(1)
On August 17, 2022, the Company’s Board of Directors approved the repricing of all options granted under the 2019 Incentive Award Plan that were held by then current employees, executives, directors, and consultants for which the exercise price per share was greater than the closing price per share of the Company’s common stock on August 17, 2022 (Underwater Options) by reducing the exercise price of each Underwater Option to $2.14, the closing price per share of the Company’s common stock on August 17, 2022.
See “
Repricing of stock options
” section for more information.
Summary of Grant-date Fair Value of Stock Options Granted on Weighted Average Basis
The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:
 
    
March 31,
2023
  
Risk-free interest rate
      3.6 % 
Expected term (in years)
      6.0  
Expected volatility
      92.0 % 
Expected dividend yield
      0.0 % 
The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors were as follows, presented on a weighted average basis:
 
    
Year Ended
December 31,
  
    
2022
    
2021
  
Risk-free interest rate
      3.0 %      0.5 % 
Expected term (in years)
      6.0       6.0  
Expected volatility
      80.0 %      79.8 % 
Expected dividend yield
      0.0 %      0.0 % 
Summary of Recognized Stock-based Compensation
The Company recognized stock-based compensation within the accompanying consolidated statements of operations as follows:
 
    
Three Months Ended
March 31,
  
    
2023
     
2022
  
Research and development
    $ 839      $ 2,301  
General and administrative
      2,592        2,965  
  
 
 
     
 
 
  
Total
    $ 3,431      $ 5,266  
  
 
 
     
 
 
  
  
Restricted Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Summary of Status of Restricted Common Stock and Restricted Stock Units
The below summary includes restricted stock unit activity within the Company’s 2019 Incentive Award Plan for the three months ended March 31, 2023:
 
    
Number of
shares
     
Weighted
average fair
value
  
Unvested, December 31, 2022
      3,101,650      $ 2.78  
Awarded
      1,666,340        4.78  
Vested
      (306,775 )       1.17  
Forfeited
      (819,050 )       3.85  
  
 
 
     
 
 
  
Unvested as of March 31, 2023
      3,642,165      $ 3.59  
  
 
 
     
 
 
  
The below summary includes restricted stock unit activity within the Company’s 2019 Incentive Award Plan for the year ended December 31, 2022.
 
    
Number of
shares
     
Weighted
average fair
value
  
Unvested, December 31, 2021
      626,300      $ 9.54  
Awarded
      3,576,650        3.01  
Vested
      (551,450 )       9.54  
Forfeited
      (549,850 )       5.06  
    
 
 
     
 
 
  
Unvested, December 31, 2022
      3,101,650      $ 2.80