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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 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 audited statements of operations and comprehensive loss (in thousands):

			Year Ended December 31,
			2023						2022
Research and development			$	3,462					$	3,574
General and administrative			3,477						2,888
Total stock-based compensation			$	6,939					$	6,462

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			1,462,535						3.41
Exercised			(135,254)						3.26
Forfeited			(594,372)						6.41
Balance at December 31, 2023			4,942,164						$	7.21					7.62
Vested and expected to vest			4,787,518						$	7.27					7.47
Exercisable at the end of the period			2,696,018						$	8.34					6.47

Schedule of RSU activities

The following table summarizes employee RSU activity for the year ended December 31, 2023:

			Awards						Weighted Average Grant Date Fair Value
Unvested RSUs at December 31, 2022			309,477						$	7.22
Granted			460,925						3.54
Vested			(77,312)						7.22
Forfeited			(102,687)						4.62
Balance at December 31, 2023			590,403						$	4.80

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:

			Year Ended December 31,
			2023			2022
2020 Plan
Expected term - years			6.08			6.08
Expected volatility			84.8		%	82.4		%
Risk-free interest rate			3.6		%	2.4		%
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:

			Year Ended December 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:

			Year Ended December 31,
			2023			2022
2020 ESPP
Expected term - years			0.5			0.5
Expected volatility			85.5		%	82.9		%
Risk-free interest rate			4.0		%	2.5		%
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 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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