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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions Used to Compute Estimated Fair Value of Stock Options

The fair value of stock options was estimated using the following weighted average assumptions:

		Year Ended December 31,
		2023				2022
Risk-free interest rate %			4.19	%			2.95	%
Expected volatility %			65.13	%			71.68	%
Expected term (in years)		6.05				6.08
Expected dividend yield			—				—

Summary of Stock Options Activity

Stock option activity under the 2020 Plan and 2022 Plan, are as follows:

		Stock Options				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term (In Years)				Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2022			3,341,834			$	9.52				8.7			$	12,877
Granted			1,421,936				13.70				—				—
Exercised			(100,351	)			2.12				—				—
Canceled/Forfeited			(430,216	)			12.13				—				—
Outstanding as of December 31, 2023			4,233,203			$	10.83				8.4			$	2,147
Vested and exercisable as of December 31, 2023			1,477,013			$	8.87				7.9			$	1,427
Vested and expected to vest as of December 31, 2023			4,233,203			$	10.83				8.4			$	2,147

Summary of Stock-based Compensation Expense

Stock-based compensation expense recognized for stock option grants included in the accompanying consolidated statements of operations and comprehensive loss is as follows (in thousands):

		Year Ended December 31,
		2023				2022
Research and development		$	2,966			$	1,695
General and administrative			4,082				3,068
Total stock-based compensation expense		$	7,048			$	4,763

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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.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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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.

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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.

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