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Stockholder's Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
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):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 984 |  |  | $ | 1,069 |  |  | $ | 2,056 |  |  | $ | 2,066 |
General and administrative |  |  | 895 |  |  |  | 886 |  |  |  | 1,823 |  |  |  | 1,789 |
Total |  | $ | 1,879 |  |  | $ | 1,955 |  |  | $ | 3,879 |  |  | $ | 3,855 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2021 Plan for the six months ended June 30, 2023:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (thousands) |
Outstanding as of December 31, 2022 |  |  | 6,589,479 |  |  | $ | 7.29 |  |  |  | 7.73 |  |  | $ | 362 |
Granted |  |  | 1,561,115 |  |  |  | 3.00 |  |  |  |  |  |  |
Exercised |  |  | (29,485 | ) |  |  | 4.11 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (562,439 | ) |  |  | 6.18 |  |  |  |  |  |  |
Outstanding as of June 30, 2023 |  |  | 7,558,670 |  |  | $ | 6.50 |  |  |  | 7.72 |  |  | $ | 12,170 |
Vested or expected to vest as of June 30, 2023 |  |  | 7,558,670 |  |  | $ | 6.50 |  |  |  | 7.72 |  |  | $ | 12,170 |
Options exercisable as of June 30, 2023 |  |  | 3,695,490 |  |  | $ | 6.45 |  |  |  | 6.62 |  |  | $ | 5,915 |
Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing | The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing presented on a weight average basis were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.89 | % |  |  | 1.67 | % |  |  | 3.91 | % |  |  | 2.23 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected option term (in years) range |  | 5.71 |  |  | 6.07 |  |  | 6.03 |  |  | 5.99 |
Expected stock price volatility |  |  | 87.23 | % |  |  | 83.55 | % |  |  | 86.55 | % |  |  | 84.41 | %

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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 -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 + Details
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