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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. Stock-based Compensation Stock-based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 2,207 |  |  | $ | 1,687 |
General and administrative |  |  | 2,558 |  |  |  | 2,663 |
Total stock-based compensation |  | $ | 4,765 |  |  | $ | 4,350 |
Stock Options A summary of stock option activity for the three months ended March 31, 2023 is set forth below:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, December 31, 2022 |  |  | 6,203,020 |  |  | $ | 14.44 |  |  |  | 8.4 |  |  | $ | 780 |
Options granted |  |  | 2,117,400 |  |  | $ | 8.06 |  |  |  |  |  |  |
Options exercised |  |  | (713 | ) |  | $ | 4.76 |  |  |  |  |  |  |
Options forfeited or cancelled |  |  | (178,112 | ) |  | $ | 12.82 |  |  |  |  |  |  |
Outstanding, March 31, 2023 |  |  | 8,141,595 |  |  | $ | 12.82 |  |  |  | 8.6 |  |  | $ | 143 |
Options exercisable, March 31, 2023 |  |  | 2,671,676 |  |  | $ | 14.15 |  |  |  | 7.8 |  |  | $ | 143 |
Vested and expected to vest, March 31, 2023 |  |  | 8,141,595 |  |  | $ | 12.82 |  |  |  | 8.6 |  |  | $ | 143 |
The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
Fair value of common stock |  | $5.76 - $9.15 |  | $11.93 - $19.97
Expected term (years) |  | 6.0 - 6.1 |  | 5.8 - 6.1
Volatility |  | 83.25% - 86.19% |  | 77.4% - 77.7%
Risk free rates |  | 3.55% - 4.22% |  | 1.6% - 2.4%
Dividend rate |  | 0.0% |  | 0.0%
Restricted Stock Units In October 2021, the Company granted 560,000 Restricted Stock Units (RSUs) with service and performance conditions to certain employees, no ne of which vested during the three months ended March 31, 2023. Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestone is considered probable. The expense recognized for these awards is based on the grant date fair value of the Company's common stock multiplied by the number of units granted. The Company recognized $0.2 million of related expense during the three months ended March 31, 2023. The summary of RSU activity and related information for the nine months ended March 31, 2023 is set forth below:
|  | Number of Units Outstanding |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2022 |  |  | 197,580 |  |  | $ | 7.8 |
RSUs granted |  |  | 472,400 |  |  | $ | 7.8 |
RSUs vested |  |  | (3,205 | ) |  | $ | 17.2 |
RSUs forfeited |  |  | (19,675 | ) |  | $ | 7.4 |
Outstanding, March 31, 2023 |  |  | 647,100 |  |  | $ | 7.8 |

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