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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		—		—

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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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