XML 28 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Equity Incentive Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2023 |  |  | 9,208,970 |  |  | $ | 10.31 |  |  |  | 7.53 |  |  | $ | 2,930 |
Stock options granted |  |  | 3,121,592 |  |  | $ | 5.13 |  |  |  |  |  |  |
Stock options exercised |  |  | (105,526 | ) |  | $ | 2.06 |  |  |  |  |  |  |
Stock options forfeited |  |  | (365,674 | ) |  | $ | 9.15 |  |  |  |  |  |  |
Balances as of March 31, 2024 |  |  | 11,859,362 |  |  | $ | 9.05 |  |  |  | 7.91 |  |  | $ | 18,184 |
Exercisable as of March 31, 2024 |  |  | 5,469,398 |  |  | $ | 12.11 |  |  |  | 6.49 |  |  | $ | 5,860 |
Summary of RSU Activity under 2020 Plan | A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested as of December 31, 2023 |  |  | 495,579 |  |  | $ | 5.69 |
Granted |  |  | 602,600 |  |  |  | 5.13 |
Vested |  |  | (124,695 | ) |  |  | 6.44 |
Cancelled |  |  | (57,623 | ) |  |  | 5.33 |
Unvested as of March 31, 2024 |  |  | 915,861 |  |  | $ | 5.24 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,282 |  |  | $ | 2,251 |
General and administrative |  |  | 2,378 |  |  |  | 2,356 |
Total stock-based compensation expense |  | $ | 4,660 |  |  | $ | 4,607 |
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 stock option issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Expected term (in years) |  | 6.02 - 6.08 |  | 6.02 - 6.08
Expected volatility |  | 95.90% - 96.20% |  | 81.20% - 81.50%
Risk-free interest rate |  | 4.29% - 4.33% |  | 3.58% - 4.02%
Dividend yield |  | — |  | —

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration