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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted | 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 |  |  | — |  |  |  | — |
Summary of Stock-Based Compensation Expense | 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 Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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