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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stock option activity 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	3,885	14.77
Exercised	(145)	3.88
Forfeited/expired	(566)	19.19
Outstanding at September 30, 2023	12,526	$	15.08

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the RSU activity for the nine months ended September 30, 2023 (in thousands, except per share data):


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022	—	$	—
Granted	757	20.03
Vested	—	—
Forfeited	(56)	20.70
Unvested at September 30, 2023	701	$	19.98

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		ESPP
	Nine Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Risk-free interest rate	3.5% - 4.5%	1.5% - 3.4%	5.4%	2.2%
Expected volatility	80% - 82%	85%	76%	79%
Expected term (in years)	5.5 - 6.1	5.5 - 6.1	0.5	0.5
Expected dividend yield	—%	—%	—%	—%

Schedule of Allocated Stock-based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development expense	$	5,611	$	4,151	$	16,325	$	10,948
General and administrative expense	4,209		2,935		12,052		8,884
Total stock-based compensation expense	$	9,820	$	7,086	$	28,377	$	19,832