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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The Company recorded stock-based compensation expense in the following expense categories of its accompanying unaudited interim condensed statements of operations and comprehensive loss (in thousands):
| Three Months Ended March 31,
| 2023 |  | 2022
Research and development | $ | 814 |  |  | $ | 827 |
General and administrative | 869 |  |  | 686 |
Total stock-based compensation | $ | 1,683 |  |  | $ | 1,513 |
Schedule of option activity | The following table summarizes option activity under the 2020 Plan:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (Years)
Balance at December 31, 2022 | 4,209,255 |  |  | $ | 8.29 |  |  | 8.07
Granted | 1,181,087 |  |  | 3.57 |  |  |
Exercised | (717) |  |  | 2.95 |  |  |
Forfeited | (128,186) |  |  | 7.57 |  |  |
Balance at March 31, 2023 | 5,261,439 |  |  | $ | 7.25 |  |  | 8.07
Vested and expected to vest | 5,174,691 |  |  | $ | 7.27 |  |  | 8.05
Exercisable at the end of the period | 2,122,655 |  |  | $ | 8.28 |  |  | 6.55
Schedule of RSU activity | The following table summarizes employee RSU activity for the three months ended March 31, 2023:
| Awards |  | Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022 | 309,477 |  |  | $ | 7.22 |
Granted | 445,025 |  |  | 3.57 |
Released | (73,937) |  |  | 7.43 |
Forfeited | (27,967) |  |  | 4.89 |
Balance at March 31, 2023 | 652,598 |  |  | $ | 4.81 |
Schedule of valuation assumptions | The grant-date fair value of options calculated using the Black-Scholes option pricing model granted under the Company’s 2020 Plan were estimated using the following weighted-average assumptions:
| Three Months Ended March 31,
| 2023 |  | 2022
2020 Plan |  |  |
Expected term - years | 6.08 |  | 6.08
Expected volatility | 84.8% |  | 81.9%
Risk-free interest rate | 3.5% |  | 1.6%
Expected dividends | — |  | —
The grant-date fair value of options calculated using the Monte Carlo option pricing model granted under the Company’s 2020 Plan were estimated using the following assumptions:
| Three Months Ended March 31,
| 2023 |  | 2022
2020 Plan |  |  |
Expected term - years | 4.00 |  | 4.00
Expected volatility | 80.0% |  | 80.0%
Risk-free interest rate | 3.6% |  | 1.4%
Expected dividends | — |  | —
The grant-date fair value of shares issued calculated using the Black-Scholes option pricing model under the Company’s 2020 ESPP were estimated using the following weighted-average assumptions:
| Three Months Ended March 31,
| 2023 |  | 2022
2020 ESPP |  |  |
Expected term - years | 0.49 |  | 0.49
Expected volatility | 84.8% |  | 81.8%
Risk-free interest rate | 3.5% |  | 2.0%
Expected dividends | — |  | —

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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