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Stock-Based Compensation and Employee Benefit Plans (Tables)

3 Months Ended

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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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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