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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Total Compensation Expense | The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 3,974 |  |  | $ | 2,427 |
General and administrative |  |  | 3,551 |  |  |  | 2,750 |
Total share-based compensation expense |  | $ | 7,525 |  |  | $ | 5,177 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the year ended December 31, 2022:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2021 |  |  | 5,822,373 |  |  | $ | 7.17 |  |  |  | 8.27 |  |  | $ | 33,275 |
Granted |  |  | 1,927,649 |  |  |  | 7.71 |  |  |  |  |  |  |
Exercised |  |  | (282,459 | ) |  |  | 3.88 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (878,084 | ) |  |  | 8.50 |  |  |  |  |  |  |
Outstanding as of December 31, 2022 |  |  | 6,589,479 |  |  | $ | 7.29 |  |  | 7.73 |  |  | $ | 362,112 |
Vested or expected to vest as of December 31, 2022 |  |  | 6,589,479 |  |  | $ | 7.29 |  |  | 7.73 |  |  | $ | 362,112 |
Options exercisable as of December 31, 2022 |  |  | 3,009,095 |  |  | $ | 5.76 |  |  |  | 6.50 |  |  | $ | 358,798 |
Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing | The fair value of each option award granted during the years ended December 31, 2022 and 2021 is estimated on the date of grant using the Black-Scholes option pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  | 1.67% to 3.59% |  |  | 0.68% to 1.33% |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected option term (in years) |  | 5.15 to 6.08 |  |  | 6.00 to 6.08 |
Expected stock price volatility range |  | 83.60% to 86.00% |  |  | 68.58% to 73.30% |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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