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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows (in thousands, except share and per share amounts):

 

 

 

Outstanding
Stock
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Balance as of December 31, 2022

 

 

4,166,194

 

 

$

3.38

 

 

 

7.7

 

 

$

52

 

Granted

 

 

270,000

 

 

$

2.26

 

 

 

 

 

 

 

Exercised

 

 

(54

)

 

$

3.07

 

 

 

 

 

 

 

Forfeited

 

 

(338,764

)

 

$

4.85

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

 

4,097,376

 

 

$

3.19

 

 

 

7.2

 

 

$

3,050

 

Vested and expected to vest as of December 31,
   2023

 

 

3,972,376

 

 

$

3.15

 

 

 

7.2

 

 

$

3,050

 

Vested and exercisable as of December 31, 2023

 

 

2,622,154

 

 

$

3.13

 

 

 

6.5

 

 

$

2,249

 

Summary of RSU Activity

A summary of the Company’s RSU activity and related information is as follows (in thousands, except share and per share amounts):

 

 

 

Number of RSUs

 

 

Weight-Average Grant Date Fair Value

 

Balance as of December 31, 2022

 

 

1,996,128

 

 

$

1.35

 

Granted

 

 

2,375,250

 

 

$

2.00

 

Vested

 

 

(484,152

)

 

$

1.91

 

Forfeited

 

 

(404,563

)

 

$

2.40

 

Balance as of December 31, 2023

 

 

3,482,663

 

 

$

1.59

 

For the year ended December 31, 2022, the weighted average fair value of RSUs granted was $1.24 per share. The total fair value of RSUs vested was $0.9 million and $0.3 million for the years ended December 31, 2023 and 2022, respectively. The aggregate intrinsic value of RSUs outstanding as of December 31, 2023 and 2022 was $10.2 million and $2.2 million, respectively.

Summary of Stock-Based Compensation Expense Related to Stock Options, RSUs and ESPP

The following table summarizes stock-based compensation expense related to stock options, RSUs and ESPP that is included in the Company’s statements of operations and comprehensive loss (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Research and development

 

$

1,547

 

 

$

929

 

General and administrative

 

 

3,075

 

 

 

2,702

 

Total stock-based compensation expense

 

$

4,622

 

 

$

3,631

 

2020 Employee Stock Purchase Plan  
Schedule of Weighted-Average Assumptions to Estimate Fair Value of Stock Options and Purchase Rights Under ESPP Using the Black-Scholes Option-Pricing Model

The Company estimated the fair value of stock options and purchase rights under ESPP using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

 

 

 

2023

 

 

2022

 

 

 

Options

 

 

ESPP

 

 

Options

 

 

ESPP

 

Expected term (in years)

 

 

5.6

 

 

 

1.4

 

 

 

6.0

 

 

 

1.4

 

Expected volatility

 

 

87.8

%

 

 

104.6

%

 

 

105.4

%

 

 

77.2

%

Risk-free interest rate

 

 

3.7

%

 

 

5.4

%

 

 

2.4

%

 

 

2.2

%

Expected dividend rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%