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Stock-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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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