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Stock-Based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended
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Mar. 31, 2024
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,
| 2024 |  | 2023
Research and development | $ | 1,255 |  |  | $ | 814 |
General and administrative | 1,221 |  |  | 869 |
Total stock-based compensation | $ | 2,476 |  |  | $ | 1,683 |
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, 2023 | 4,942,164 |  |  | $ | 7.21 |  |  | 7.62
Granted | 1,784,068 |  |  | 9.94 |  |  |
Exercised | (138,555) |  |  | 4.30 |  |  |
Forfeited | (118,818) |  |  | 10.48 |  |  |
Balance at March 31, 2024 | 6,468,859 |  |  | $ | 7.96 |  |  | 7.86
Vested and expected to vest | 6,134,411 |  |  | $ | 7.93 |  |  | 7.78
Exercisable at the end of the period | 3,043,909 |  |  | $ | 7.89 |  |  | 6.47
Schedule of RSU activity | The following table summarizes employee RSU activity for the three months ended March 31, 2024:
| Awards |  | Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023 | 590,403 |  |  | $ | 4.80 |
Granted | 638,476 |  |  | 10.09 |
Released | (156,803) |  |  | 5.16 |
Forfeited | (31,455) |  |  | 4.97 |
Unvested RSUs as of March 31, 2024 | 1,040,621 |  |  | $ | 7.99 |
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,
| 2024 |  | 2023
2020 Plan: |  |  |
Expected term - years | 6.08 |  | 6.08
Expected volatility | 95.8% |  | 84.8%
Risk-free interest rate | 4.0% |  | 3.5%
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,
| 2024 |  | 2023
2020 Plan: |  |  |
Expected term - years | 0.00 |  | 4.00
Expected volatility | — | % |  | 80.0 | %
Risk-free interest rate | — | % |  | 3.6 | %
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,
| 2024 |  | 2023
2020 ESPP: |  |  |
Expected term - years | 0.50 |  | 0.49
Expected volatility | 158.6 | % |  | 84.8 | %
Risk-free interest rate | 5.1 | % |  | 3.5 | %
Expected dividends | — |  |  | — |

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