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Equity Incentive Plans and Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Significant Assumptions

The significant assumptions used in these calculations are summarized as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Expected term (in years)			5.3 - 6.1						5.3 - 6.1						5.3 - 6.4						5.3 - 6.1
Expected volatility			103.1% - 106.5%						105.2% - 109.1%						102.7% - 107.5%						105.2% - 110.0%
Expected dividend rate			0.0		%				0.0		%				0.0		%				0.0		%
Risk free interest rate			3.58% - 3.87%						2.80% - 3.36%						3.50% - 4.08%						1.73% - 3.36%

Schedule of Option Award Activity

The following table summarizes option award activity during the six months ended June 30, 2023:

			Number of Stock Option Awards						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022			11,485,443						$	4.12
Granted			3,513,875						$	2.34
Exercised			(5,907)						$	1.04
Forfeited			(294,356)						$	6.32
Outstanding as of June 30, 2023			14,699,055						$	3.66					8.3						$	19,434
Options vested and expected to vest as of June 30, 2023			14,699,055						$	3.66
Vested and exercisable at June 30, 2023			6,171,783						$	3.87					7.5						$	9,668

Schedule of Stock-Based Compensation Expense

The following sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statement of operations:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Research and development			$	1,048					$	975					$	2,023					$	1,843
General and administrative			2,050						1,592						3,935						2,834
Total stock-based compensation expense			$	3,098					$	2,567					$	5,958					$	4,677

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Tabular disclosure of the change in stock options.

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