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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activities

The activity for stock options is as follows:

		Options Outstanding				Weighted Average Exercise Price				Weighted Average Remaining Contract Terms (in years)				Aggregate Intrinsic Values (in thousands)
Balance as of December 31, 2022			5,988,271			$	4.70				8.83			$	5,699
Options granted			50,000				3.00
Options cancelled and forfeited			(258,415	)			8.12
Options exercised			(889,404	)			0.62								1,987
Balance as of September 30, 2023			4,890,452			$	5.25				3.06			$	1,316
Vested and expected to vest, September 30, 2023			4,890,452			$	5.25				3.06			$	1,316
Options exercisable as of September 30, 2023			4,013,104			$	5.25				1.85			$	1,078

Summary of Stock Options Valuation Assumptions

The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the nine months ended September 30, 2023 and 2022:

		Nine Months Ended September 30,
		2023		2022
Expected term (in years)		5.50		5.50 - 6.50
Expected volatility		92.90%		77.33% - 80.54%
Risk-free interest rate		3.69%		1.69% - 3.03%
Expected dividend yield		0.00%		0.00%

Summary of Restricted Stock Awards

The activity for restricted stock awards and units is as follows:

		Number of Shares				Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022			177,494			$	8.32
Granted			113,333				3.64
Vested			(90,918	)			7.01
Forfeited			(13,746	)			8.17
Unvested at September 30, 2023			186,163			$	6.13

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation for stock options, restricted stock awards, and restricted stock units included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Research and development expense		$	429			$	657			$	1,889			$	1,872
General and administrative expense			227				1,126				9,715				3,224
Total stock-based compensation expense		$	656			$	1,783			$	11,604			$	5,096

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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