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Equity Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  | 4,710,324 |  |  | $ | 5.70 |  |  |  |  |  |  |
Stock options exercised |  |  | (248,907 | ) |  | $ | 3.69 |  |  |  |  |  |  |
Stock options forfeited |  |  | (912,703 | ) |  | $ | 10.96 |  |  |  |  |  |  |
Balances as of September 30, 2024 |  |  | 12,757,684 |  |  | $ | 8.69 |  |  |  | 7.79 |  |  | $ | 8,435 |
Exercisable as of September 30, 2024 |  |  | 6,429,000 |  |  | $ | 11.22 |  |  |  | 6.55 |  |  | $ | 4,278 |
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 |  |  | (187,835 | ) |  |  | 5.59 |
Cancelled |  |  | (127,635 | ) |  |  | 5.29 |
Unvested as of September 30, 2024 |  |  | 782,709 |  |  | $ | 5.35 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,325 |  |  | $ | 2,243 |  |  | $ | 6,918 |  |  | $ | 6,801 |
General and administrative |  |  | 2,284 |  |  |  | 2,306 |  |  |  | 7,293 |  |  |  | 7,015 |
Total stock-based compensation expense |  | $ | 4,609 |  |  | $ | 4,549 |  |  | $ | 14,211 |  |  | $ | 13,816 |
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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) |  | 6.02 - 6.08 |  | 6.08 |  | 6.02 - 6.08 |  | 5.50 - 6.08
Expected volatility |  | 96.80% - 97.60% |  | 81.80% - 81.90% |  | 95.90% - 97.80% |  | 81.20% - 82.40%
Risk-free interest rate |  | 3.48% - 4.15% |  | 4.20% - 4.42% |  | 3.48% - 4.65% |  | 3.47% - 4.42%
Dividend yield |  | — |  | — |  | — |  | —

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- 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
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