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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%