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Stockholder's Equity (Tables)

6 Months Ended

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 pricing 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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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 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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