v3.23.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the Company’s equity incentive plan and employee stock purchase plan was recorded in the statements of operations and allocated as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Research and development

 

$

1,474

 

 

$

1,012

 

General and administrative

 

 

1,759

 

 

 

1,318

 

Total stock-based compensation expense

 

$

3,233

 

 

$

2,330

 

As of March 31, 2023, there was $30.5 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.7 years.

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Outstanding Options

 

 

 

Shares

 

 

Weighted-
Average
Exercise

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

Balance, December 31, 2022

 

 

5,341,975

 

 

$

8.79

 

 

 

8.6

 

Granted

 

 

1,801,950

 

 

$

7.76

 

 

 

 

Exercised

 

 

(44,501

)

 

$

9.15

 

 

 

 

Cancelled

 

 

(150,343

)

 

$

9.29

 

 

 

 

Balance, March 31, 2023

 

 

6,949,081

 

 

$

8.51

 

 

 

8.8

 

Exercisable, March 31, 2023

 

 

2,118,829

 

 

 

8.77

 

 

 

8.3

 
Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The Company estimates the fair value of stock options using the Black-Scholes option pricing model and the fair value of these stock options was estimated using the following weighted-average assumptions:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Expected term in years

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

79

%

 

 

91

%

Risk-free interest rate

 

 

3.6

%

 

 

2.1

%

Dividend yield

 

 

—

 

 

 

—

 

Weighted average fair value of share-based awards granted

 

$

5.46

 

 

$

4.91

 
Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

 

 

 

Number of
Restricted
Stock Awards

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance, December 31, 2022

 

 

292,236

 

 

$

4.04

 

Granted

 

 

—

 

 

 

—

 

Released

 

 

(45,079

)

 

 

4.02

 

Forfeited

 

 

—

 

 

 

—

 

Balance, March 31, 2023

 

 

247,157

 

 

$

4.04