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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 10. Stock-Based Compensation The Company maintains three equity compensation plans; the 2020 Stock Plan, or the 2020 Plan, the 2022 Stock Option Incentive Plan, or the 2022 Plan, and the 2022 Employee Stock Purchase Plan, or the ESPP. The number of shares of common stock that may be issued under the 2022 Plan is subject to increase by the number of shares forfeited and not exercised under the 2020 Plan. Additionally, the number of shares reserved for issuance under the 2022 Plan automatically increases on the first day of each fiscal year in an amount equal to the lower of (1) 5% of the shares of common stock outstanding on such date and (2) an amount determined by the Company’s board of directors (the "evergreen provision"). The board of directors has determined not to make any further awards under the 2020 Plan. On January 1, 2023, an additional 1,185,660 shares were added to the 2022 Plan as a result of the evergreen provision. As of September 30, 2023, 1,158,160 shares remained available for grant under the 2022 Plan and 226,000 shares remained available for issuance under the ESPP. Stock Option Activity Stock option activity under the 2020 Plan and the 2022 Plan, is as follows:
|  | Stock Options |  |  | Weighted-Average Exercise Price |
Outstanding as of December 31, 2022 |  |  | 3,341,834 |  |  | $ | 9.52 |
Granted |  |  | 1,338,600 |  |  | $ | 14.27 |
Exercised |  |  | (100,351 | ) |  | $ | 2.12 |
Canceled/Forfeited |  |  | (409,638 | ) |  | $ | 12.17 |
Outstanding as of September 30, 2023 |  |  | 4,170,445 |  |  | $ | 10.96 |
The weighted-average grant date fair value of options granted during the nine months ended September 30, 2023 was $8.90 per share. Stock-Based Compensation Expense Stock based compensation expense recognized for stock option grants included in the accompanying condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 785 |  |  | $ | 557 |  |  | $ | 2,167 |  |  | $ | 1,185 |
General and administrative |  |  | 1,156 |  |  |  | 804 |  |  |  | 2,959 |  |  |  | 2,219 |
Total stock-based compensation expense |  | $ | 1,941 |  |  | $ | 1,361 |  |  | $ | 5,126 |  |  | $ | 3,404 |
The Company had 4,170,445 unvested stock options outstanding as of September 30, 2023. As of September 30, 2023, total unrecognized compensation cost related to stock options was $22.1 million. This amount is expected to be recognized over a weighted average period of approximately 2.67 years.

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