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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Research and development			$	946					$	894					$	1,760					$	1,721
General and administrative			906						639						1,775						1,325
Total stock-based compensation			$	1,852					$	1,533					$	3,535					$	3,046

Schedule of option activity

The following table summarizes option activity under the 2020 Plan for the six months ended June 30, 2023:

			Options						Weighted Average Exercise Price						Weighted Average Remaining Life (Years)
Balance at December 31, 2022			4,209,255						$	8.29					8.07
Granted			1,458,485						3.41
Exercised			(11,794)						2.95
Forfeited			(276,735)						6.98
Balance at June 30, 2023			5,379,211						$	7.04					8.14
Vested and expected to vest			5,301,567						$	7.07					8.12
Exercisable at the end of the period			2,356,736						$	8.07					7.04

Schedule of RSU activity

The following table summarizes employee RSU activity for the six months ended June 30, 2023:

			Awards						Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022			309,477						$	7.22
Granted			460,925						3.54
Released			(73,937)						7.43
Forfeited			(30,454)						4.84
Balance at June 30, 2023			666,011						$	4.76

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:

			Six Months Ended June 30,
			2023						2022
2020 Plan
Expected term - years			6.08						6.08
Expected volatility			84.8%						82.0%
Risk-free interest rate			3.6%						2.0%
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:

						Six Months Ended June 30,
						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:

			Six Months Ended June 30,
			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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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 activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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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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