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Equity Incentive Plans (Tables)

9 Months Ended

Sep. 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			2,418,450			$	5.39
Stock options exercised			(55,888	)		$	1.99
Stock options forfeited			(1,179,453	)		$	10.61
Balances as of September 30, 2023			9,335,202			$	10.45				7.73			$	188
Exercisable as of September 30, 2023			4,784,184			$	12.14				6.74			$	183

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			(160,932	)			5.29
Cancelled			(105,002	)			5.58
Unvested as of September 30, 2023			533,917			$	5.84

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 September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Research and development		$	2,243			$	2,433			$	6,801			$	6,509
General and administrative			2,306				2,478				7,015				7,174
Total stock-based compensation expense		$	4,549			$	4,911			$	13,816			$	13,683

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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Expected term (in years)		6.08		5.77 - 6.08		5.50 - 6.08		5.50 - 6.08
Expected volatility		81.80% - 81.90%		81.70% - 82.70%		81.20% - 82.40%		78.80% - 82.80%
Risk-free interest rate		4.20% - 4.42%		2.92% - 3.61%		3.47% - 4.42%		1.49% - 3.61%
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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