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Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table presents stock option activity under the Plans for the period:

		Number of Shares				Weighted- Average Exercise Price Per Share				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2022			8,152,093			$	11.92				8.09			$	3,329
Stock options granted			1,750,450			$	6.05
Stock options exercised			(55,605	)		$	1.99
Stock options forfeited			(457,832	)		$	13.37
Balances as of March 31, 2023			9,389,106			$	10.81				8.13			$	996
Exercisable as of March 31, 2023			3,755,502			$	12.85				6.74			$	696

Summary of RSU Activity under 2020 Plan

A summary of RSU activity under the 2020 Plan and related information is as follows:

		Number of Shares				Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2022			550,236			$	5.58
Granted			249,615				5.95
Vested			(73,058	)			6.94
Cancelled			(47,797	)			5.50
Unvested as of March 31, 2023			678,996			$	5.58

Summary of Stock-Based Compensation Expense

The total stock-based compensation expense related to all equity-based awards recognized in the period was as follows (in thousands):

		Three Months Ended March 31,
		2023				2022
Research and development		$	2,251			$	1,959
General and administrative			2,356				2,293
Total stock-based compensation expense		$	4,607			$	4,252

Summary of Fair Value of Each Award Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model

The fair value of each award issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

		Three Months Ended March 31,
		2023		2022
Expected term (in years)		6.02 - 6.08		4.33 - 6.08
Expected volatility		81% - 82%		79% - 82%
Risk-free interest rate		3.58% - 4.02%		1.49% - 2.11%
Dividend yield		—		—

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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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.

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