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Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes the option activity under the 2020 Plan and 2015 Plan during the six months ended June 30, 2023:

 

 

Number of shares

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
term
(in years)

 

Outstanding at December 31, 2022

 

 

5,519,275

 

 

$

17.17

 

 

 

8.1

 

Granted

 

 

1,591,028

 

 

 

5.44

 

 

 

 

Exercised

 

 

(6,145

)

 

 

3.61

 

 

 

 

Forfeited

 

 

(346,329

)

 

 

15.08

 

 

 

 

Outstanding at June 30, 2023

 

 

6,757,829

 

 

$

14.53

 

 

 

7.7

 

Exercisable at June 30, 2023

 

 

3,190,539

 

 

$

16.68

 

 

 

6.5

 

Vested and expected to vest at June 30, 2023

 

 

6,757,829

 

 

$

14.53

 

 

 

7.7

 

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity under the 2020 Plan during the six months ended June 30, 2023:

 

 

 

Number of shares

 

 

Weighted-average
grant date fair value per share

 

Outstanding at December 31, 2022

 

 

356,728

 

 

$

12.66

 

Granted

 

 

503,639

 

 

 

5.57

 

Vested

 

 

(78,543

)

 

 

12.18

 

Forfeited

 

 

(64,868

)

 

 

7.58

 

Outstanding at June 30, 2023

 

 

716,956

 

 

$

8.19

 

Summary of Share-based Compensation Expense

Share-based compensation expense for the three and six ended June 30, 2023 and 2022 was as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

2,123

 

 

$

1,602

 

 

$

4,205

 

 

$

3,457

 

General and administrative

 

 

2,527

 

 

 

2,310

 

 

 

5,191

 

 

 

4,552

 

Total share-based compensation

 

$

4,650

 

 

$

3,912

 

 

$

9,396

 

 

$

8,009