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Stock Based Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is set forth below (shares in thousands):

		Options Outstanding
						Weighted				Average				Aggregate
						Average				Remaining				Intrinsic
		Number of				Exercise				Contractual Life				Value
		Options				Price				(In years)				(In thousands)
Outstanding – December 31, 2022			3,896			$	2.43				8.44
Granted			1,603				0.89
Forfeited			(366	)			2.58
Expired			(1	)			1.87
Outstanding – March 31, 2023			5,132				1.94				8.32			$	11
Exercisable – March 31, 2023			1,728				1.95				6.49				2

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:

						Three Months Ended March 31,
						2023				2022
Expected term (in years)							5.89				6.03
Expected volatility							85.82	%			80.15	%
Risk-free rate							3.93	%			1.59	%
Dividend yield							—				—

Summary of RSA Activity

The following table summarizes the Company’s restricted stock award activity (shares in thousands):

						Weighted-
						Average
		Number of				Grant-Date
		Shares				Fair Value
RSAs, unvested at December 31, 2022			105			$	9.74
Vested			(12	)			9.68
RSAs, unvested at March 31, 2023			93				9.75

Schedule of Stock-Based Compensation Expense

The total stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

						Three Months Ended March 31,
						2023				2022
Research and development						$	343			$	333
General and administrative							786				583
Total stock-based compensation expense						$	1,129			$	916

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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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