Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Research and development	$	814	$	827
General and administrative	869		686
Total stock-based compensation	$	1,683	$	1,513

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, 2022	4,209,255	$	8.29	8.07
Granted	1,181,087	3.57
Exercised	(717)	2.95
Forfeited	(128,186)	7.57
Balance at March 31, 2023	5,261,439	$	7.25	8.07
Vested and expected to vest	5,174,691	$	7.27	8.05
Exercisable at the end of the period	2,122,655	$	8.28	6.55

Schedule of RSU activity

The following table summarizes employee RSU activity for the three months ended March 31, 2023:

	Awards	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022	309,477	$	7.22
Granted	445,025	3.57
Released	(73,937)	7.43
Forfeited	(27,967)	4.89
Balance at March 31, 2023	652,598	$	4.81

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,
	2023	2022
2020 Plan
Expected term - years	6.08	6.08
Expected volatility	84.8%	81.9%
Risk-free interest rate	3.5%	1.6%
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,
	2023	2022
2020 Plan
Expected term - years	4.00	4.00
Expected volatility	80.0%	80.0%
Risk-free interest rate	3.6%	1.4%
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,
	2023	2022
2020 ESPP
Expected term - years	0.49	0.49
Expected volatility	84.8%	81.8%
Risk-free interest rate	3.5%	2.0%
Expected dividends	—	—