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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Assumptions of Grant Date Fair Value of Stock Options Granted | The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Risk-free interest rate range |  | 3.96% - 4.62% |  | 2.94% |  | 3.40% - 4.62% |  | 2.69% - 3.16%
Dividend yield |  | 0.00% |  | 0.00% |  | 0.00% |  | 0.00%
Expected life of options (years) |  | 6.1 |  | 6.0 - 6.1 |  | 5.8-6.1 |  | 5.9 - 6.1
Volatility rate range |  | 81.63% - 82.93% |  | 82.49% - 82.54% |  | 81.63% - 83.55% |  | 71.06% - 82.54%
Fair value of common stock range |  | $8.95 - $12.37 |  | $4.07 |  | $8.95 - $20.50 |  | $3.63 - $4.07
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2022 |  |  | 3,300,935 |  |  | $ | 6.29 |  |  |  | 9.26 |  |  | $ | 18,346 |
Granted |  |  | 236,393 |  |  | $ | 12.11 |  |  |  |  |  |  |
Exercised |  |  | (183,927 | ) |  | $ | 2.49 |  |  |  |  |  |  |
Forfeited or canceled |  |  | (156,436 | ) |  | $ | 5.53 |  |  |  |  |  |  |
Outstanding as of September 30, 2023 |  |  | 3,196,965 |  |  | $ | 6.97 |  |  |  | 8.32 |  |  | $ | 12,146 |
Vested and expected to vest as of September 30, 2023 |  |  | 3,196,965 |  |  | $ | 6.97 |  |  |  | 8.32 |  |  | $ | 12,146 |
Vested and exercisable as of September 30, 2023 |  |  | 1,028,513 |  |  | $ | 2.85 |  |  |  | 7.01 |  |  | $ | 7,005 |
Summary of RSU activity | A summary of the RSU activity during the nine months ended September 30, 2023 is as follows:
|  | Restricted Stock Units |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 1,787,152 |  |  | $ | 12.49 |
Granted |  |  | 561,973 |  |  | $ | 11.22 |
Vested |  |  | (140 | ) |  | $ | 12.50 |
Forfeited |  |  | (10,853 | ) |  | $ | 12.54 |
Unvested at September 30, 2023 |  |  | 2,338,132 |  |  | $ | 12.18 |
Summary of Share-based Compensation Expense | Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
General and administrative |  | $ | 2,566 |  |  | $ | 110 |  |  | $ | 6,661 |  |  | $ | 206 |
Research and development |  |  | 662 |  |  |  | 157 |  |  |  | 1,899 |  |  |  | 334 |
Total stock-based compensation expense |  | $ | 3,228 |  |  | $ | 267 |  |  | $ | 8,560 |  |  | $ | 540 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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