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Stock Plan (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Stock Options Activity | The following table summarizes option activity for the nine-month period ended September 30, 2023:
|  |  |  |  | Options Outstanding |
|  |  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  | Shares |  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Available |  |  | Number of |  |  | Exercise |  |  | Contractual Life |  |  | Value |
|  | for Grant |  |  | Options |  |  | Price |  |  | (in years) |  |  | (in 000s) |
Balances at December 31, 2022 |  |  | 4,618,292 |  |  |  | 5,278,771 |  |  | $ | 10.40 |  |  |  | 6.82 |  |  | $ | 17,244 |
Shares reserved for issuance |  |  | 1,830,853 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options granted |  |  | (2,022,125 | ) |  |  | 2,022,125 |  |  | $ | 5.83 |  |  |  |  |  |  |
Options forfeited / cancelled |  |  | 29,984 |  |  |  | (29,984 | ) |  | $ | 15.22 |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | (96,360 | ) |  | $ | 0.73 |  |  |  |  |  |  |
Balances at September 30, 2023 |  |  | 4,457,004 |  |  |  | 7,174,552 |  |  | $ | 9.22 |  |  |  | 7.14 |  |  | $ | 9,944 |
At September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested and expected to vest |  |  |  |  |  | 7,174,552 |  |  | $ | 9.22 |  |  |  | 7.14 |  |  | $ | 9,944 |
Exercisable |  |  |  |  |  | 4,055,276 |  |  | $ | 8.33 |  |  |  | 5.72 |  |  | $ | 8,898 |
Schedule of Estimated Fair Value of Stock Options | The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.45% - 4.18% |  |  |  | 1.48% - 3.42% |
Expected life (in years) |  |  | 5.50 - 6.44 |  |  |  | 5.50 - 6.44 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 75.2% - 77.7% |  |  |  | 77.00%-81.00% |
Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated | Stock-based compensation expense recorded under ASC 718 related to stock options and RSU's granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 1,500 |  |  | $ | 836 |  |  | $ | 4,139 |  |  | $ | 2,293 |
General and administrative |  |  | 1,824 |  |  |  | 1,612 |  |  |  | 5,270 |  |  |  | 4,850 |
Total stock-based compensation |  | $ | 3,324 |  |  | $ | 2,448 |  |  | $ | 9,409 |  |  | $ | 7,143 |
Schedule of Stock-based Compensation Expense by Award Type | Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 2,644 |  |  | $ | 2,290 |  |  | $ | 7,414 |  |  | $ | 6,862 |
Restricted stock units |  |  | 625 |  |  |  | 103 |  |  |  | 1,832 |  |  |  | 103 |
Employee stock purchase plan |  |  | 55 |  |  |  | 55 |  |  |  | 163 |  |  |  | 178 |
Total stock-based compensation |  | $ | 3,324 |  |  | $ | 2,448 |  |  | $ | 9,409 |  |  | $ | 7,143 |
Schedule of RSU Activity Under the 2020 Plan | The following table presents RSU activity under the 2020 Plan as of September 30, 2023:
|  | Number of Stock Units |  |  | Weighted-Average Grant Date Fair Value |
Unvested shares at December 31, 2022 |  |  | 374,899 |  |  | $ | 13.60 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (120,385 | ) |  | $ | 13.60 |
Forfeited |  |  | (10,450 | ) |  | 13.60 |
Unvested shares at September 30, 2023 |  |  | 244,064 |  |  | $ | 13.60 |
ESPP |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Estimated Fair Value of Stock Options | The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 5.36% |  |  |  | 1.57% |
Expected life (in years) |  |  | 0.49 |  |  |  | 0.49 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 76.50% |  |  |  | 77.00% |

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