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Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 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			2,013,450			$	5.82
Stock options exercised			(55,888	)		$	1.99
Stock options forfeited			(922,562	)		$	10.93
Balances as of June 30, 2023			9,187,093			$	10.74				7.98			$	798
Exercisable as of June 30, 2023			4,290,985			$	12.20				6.97			$	610

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			(66,762	)			5.43
Unvested as of June 30, 2023			660,031			$	5.59

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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Research and development		$	2,307			$	2,117			$	4,558			$	4,076
General and administrative			2,353				2,403				4,709				4,696
Total stock-based compensation expense		$	4,660			$	4,520			$	9,267			$	8,772

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Expected term (in years)		5.50 - 6.08		5.50 - 6.08		5.50 - 6.08		5.50 - 6.08
Expected volatility		81.50% - 82.40%		81.20% - 82.80%		81.20% - 82.40%		78.80% - 82.80%
Risk-free interest rate		3.47% - 3.86%		2.80% - 3.37%		3.47% - 4.02%		1.49% - 3.37%
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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-Name Accounting Standards Codification
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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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