v3.23.3

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Research and development		$	512			$	613			$	1,747			$	2,044
General and administrative			623				943				2,413				2,536
Total stock-based compensation expense		$	1,135			$	1,556			$	4,160			$	4,580

Summary of Assumptions Used to Estimate Fair Values of Stock Options Grants

The fair value of stock options granted during the periods indicated was estimated using the Black-Scholes option pricing model, based on the following assumptions:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Exercise price		$0.98		$1.66 - $2.19		$0.89 - $1.53		$1.53 - $2.45
Expected volatility		77.5% - 83.1%		78.6% - 81.7%		77.5% - 83.1%		78.6% - 81.7%
Risk-free rate		4.23% - 4.24%		2.62% - 4.15%		3.59% - 4.24%		1.41% - 4.15%
Expected term (years)		5.5 - 7.0		5.5 - 7.0		5.5 - 7.5		5.5 - 7.5
Expected dividend yield		0%		0%		0%		0%

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- References

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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