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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 7. Stock-Based Compensation Stock Incentive Plan As of March 31, 2023, the Company had 1,148,889 shares of its common stock available for future issuance under its stock incentive plan. Stock Options The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Fair value of common stock |  | $ | 3.98 |  |  | $ | 8.58 |
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 82.1 | % |  |  | 78.3 | %
Risk-free interest rate |  |  | 3.8 | % |  |  | 1.7 | %
Dividend yield |  |  | — |  |  |  | — |
During the three months ended March 31, 2023 and 2022, the Company granted stock options to purchase 1,543,219 shares and 1,818,298 shares of its common stock, respectively, with a weighted-average grant-date fair value of $5.53 and $5.84 per share, respectively. As of March 31, 2023, total unrecognized compensation expense related to stock options was $19.9 million, which is expected to be recognized over a weighted-average period of 2.4 years. As of March 31, 2023, options for 56,162 shares of Company common stock with a weighted-average exercise price of $1.36 were exercised and unvested. The underlying proceeds from the unvested exercises of $0.1 million is recorded in other current liabilities on the condensed consolidated balance sheet. Restricted Stock Units During the three months ended March 31, 2023, the Company granted 645,360 restricted stock units with a weighted-average grant date fair value of $5.55 per share. As of March 31, 2023, total unrecognized compensation expense related to restricted stock units was $8.2 million, which is expected to be recognized over a weighted-average period of 1.6 years. The Company did no t grant any restricted stock units during the three months ended March 31, 2022. Stock-Based Compensation Stock-based compensation expense was allocated as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Research and development |  | $ | 2,354 |  |  | $ | 796 |
General and administrative |  |  | 1,714 |  |  |  | 950 |
Total stock-based compensation expense |  | $ | 4,068 |  |  | $ | 1,746 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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