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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,164 |  |  | $ | 1,550 |  |  | $ | 2,243 |  |  | $ | 3,001 |
General and administrative |  |  | 1,332 |  |  |  | 2,125 |  |  |  | 2,553 |  |  |  | 4,288 |
Total |  | $ | 2,496 |  |  | $ | 3,675 |  |  | $ | 4,796 |  |  | $ | 7,289 |
Summary of Restricted Stock Units | The following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2024:
|  | Number of Shares |  |  | Weighted - Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  |  | 99,104 |  |  | $ | 18.00 |
Granted |  |  | 1,598,000 |  |  | $ | 2.48 |
Vested |  |  | (74,122 | ) |  | $ | 18.00 |
Forfeited |  |  | (17,000 | ) |  | $ | 2.65 |
Outstanding at June 30, 2024 |  |  | 1,605,982 |  |  | $ | 2.72 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2024:
|  | Number of Options |  |  | Weighted - Average Exercise Price Per Share |  |  | Weighted -Average Remaining Contractual Term (In Years) |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2023 |  |  | 6,273,507 |  |  | $ | 7.62 |  |  |  | 8.64 |  |  | $ | 74,680 |
Granted |  |  | 31,000 |  |  | $ | 2.89 |  |  |  |  |  |  |
Forfeited |  |  | (35,750 | ) |  | $ | 3.00 |  |  |  |  |  |  |
Expired |  |  | (3,277 | ) |  | $ | 14.28 |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  | 6,265,480 |  |  | $ | 7.62 |  |  |  | 8.12 |  |  | $ | — |
Vested and expected to vest at June 30, 2024 |  |  | 6,265,480 |  |  | $ | 7.62 |  |  |  | 8.12 |  |  | $ | — |
Exercisable at June 30, 2024 |  |  | 3,114,628 |  |  | $ | 9.83 |  |  |  | 7.83 |  |  | $ | — |
Summary of Assumptions Used in Black-Scholes Model | The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Expected volatility |  | 88.1% |  | 77.4%
Risk-free interest rate |  | 4.39% |  | 3.86%
Expected dividend yield |  | 0.0% |  | 0.0%
Expected term |  | 6.08 years |  | 6.05 years
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance are as follows in common equivalent shares:
|  | June 30, 2024 |  |  | December 31, 2023 |
Common stock options and restricted stock units issued and outstanding |  |  | 7,871,462 |  |  |  | 6,372,611 |
Awards available for future issuance under the 2020 Plan |  |  | 956,901 |  |  |  | 991,413 |
Awards available for future issuance under the ESPP |  |  | 1,766,284 |  |  |  | 1,412,802 |
Total common stock reserved for future issuance |  |  | 10,594,647 |  |  |  | 8,776,826 |

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