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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 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:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Fair value of common stock |  | $ | 4.94 |  |  | $ | 4.78 |
Expected term (in years) |  |  | 6.0 |  |  |  | 5.9 |
Expected volatility |  |  | 81.7 | % |  |  | 78.8 | %
Risk-free interest rate |  |  | 3.8 | % |  |  | 2.5 | %
Dividend yield |  |  | — |  |  |  | — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the year ended December 31, 2023:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2022 |  |  | 6,471,524 |  |  | $ | 6.69 |  |  |  | 8.28 |  |  | $ | 14,949 |
Granted |  |  | 2,347,469 |  |  |  | 4.94 |  |  |  |  |  |  |
Vested and exercised |  |  | (94,028 | ) |  |  | 1.85 |  |  |  |  |  |  |
Forfeited |  |  | (358,336 | ) |  |  | 7.41 |  |  |  |  |  |  |
Expired |  |  | (76,552 | ) |  |  | 12.09 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 8,290,077 |  |  | $ | 6.17 |  |  |  | 7.71 |  |  | $ | 999 |
Exercisable at December 31, 2023 |  |  | 4,539,019 |  |  | $ | 6.19 |  |  |  | 7.02 |  |  | $ | 880 |
Summary of Unvested Restricted Stock Units Activity | The following table summarizes the Company's unvested restricted stock unit activity for the year ended December 31, 2023:
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 1,430,200 |  |  | $ | 5.49 |
Granted |  |  | 801,611 |  |  |  | 4.88 |
Vested |  |  | (1,019,846 | ) |  |  | 5.59 |
Forfeited |  |  | (98,584 | ) |  |  | 5.71 |
Unvested at December 31, 2023 |  |  | 1,113,381 |  |  | $ | 4.94 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Research and development |  | $ | 6,831 |  |  | $ | 6,036 |
General and administrative |  |  | 6,531 |  |  |  | 4,659 |
Total stock-based compensation expense |  | $ | 13,362 |  |  | $ | 10,695 |

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- 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
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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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