Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Summary of Stock Option Activity

Stock option activity in the first quarter of 2023 for employee and non-employee awards and related information is as follows (in thousands, except per share data):

	Number of Options	Weighted- Average Exercise Price Per Share
Outstanding at December 31, 2022	9,352	$	15.28
Granted	1,759	22.40
Exercised	(102)	5.08
Forfeited/expired	(36)	20.73
Outstanding at March 31, 2023	10,973	$	16.50

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the RSU activity for the three months ended March 31, 2023 (in thousands, except per share data):

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022	—	$	—
Granted	610	22.40
Vested	—	—
Forfeited	(3)	22.47
Unvested at March 31, 2023	607	$	22.40

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes model to determine the fair value of stock option grants were as follows:

	Options
	Three Months Ended March 31,
	2023	2022
Risk-free interest rate	3.5% - 4.0%	1.5% - 1.9%
Expected volatility	81% - 82%	85%
Expected term (in years)	6.0 - 6.1	6.0 - 6.1
Expected dividend yield	—%	—%

Schedule of Allocated Stock-based Compensation Expense

The allocation of stock-based compensation expense for stock option and RSU awards and shares purchasable under the ESPP was as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development expense	$	5,272	$	3,266
General and administrative expense	3,832		2,972
Total stock-based compensation expense	$	9,104	$	6,238