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Common Stock (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Summary of Stock Option Activity | A summary of stock option activity is presented below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2023 |  |  | 6,013,384 |  |  | $ | 6.60 |  |  |  | 7.8 |  |  | $ | 22,202 |
Granted |  |  | 2,074,850 |  |  |  | 11.00 |  |  |  |  |  |  |
Exercised |  |  | (84,264 | ) |  |  | 5.44 |  |  |  |  |  |  | 443 |
Forfeited/Cancelled |  |  | (52,166 | ) |  |  | 14.76 |  |  |  |  |  |  |
Outstanding as of March 31, 2023 |  |  | 7,951,804 |  |  | $ | 7.71 |  |  |  | 8.2 |  |  | $ | 18,237 |
Options Exercisable at March 31, 2023 |  |  | 3,326,885 |  |  | $ | 6.93 |  |  |  | 6.9 |  |  | $ | 9,714 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options | The fair value of each award is estimated using Black-Scholes based on the following assumptions:
|  | Three months ended March 31,
|  | 2023 |  | 2022
Risk-free interest rate |  | 3.38%—3.95% |  | 1.47%—2.12%
Expected term |  | 6.1 years |  | 6.1 years
Expected volatility |  | 106% |  | 79%—81%
Expected dividend yield |  | 0% |  | 0%
Summary of Stock-Based Compensation | The Company has recorded stock-based compensation in the accompanying statements of operations as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 1,236 |  |  | $ | 872 |
General and administrative |  |  | 1,244 |  |  |  | 939 |
Total |  | $ | 2,480 |  |  | $ | 1,811 |

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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 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(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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