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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Summary of Stock Option Activity Under Equity Incentive Plans

The following table summarizes stock option activity under the Company’s equity incentive plans since December 31, 2021:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value (1)

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding at December 31, 2021

 

 

3,582,613

 

 

$

10.63

 

 

 

8.32

 

 

$

7,428

 

Granted

 

 

1,872,569

 

 

 

4.68

 

 

 

 

 

 

 

Exercised

 

 

(210,977

)

 

 

1.70

 

 

 

 

 

 

 

Forfeited

 

 

(556,394

)

 

 

11.68

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

4,687,811

 

 

$

8.53

 

 

 

8.06

 

 

$

18

 

Exercisable at December 31, 2022

 

 

2,231,996

 

 

$

9.26

 

 

 

7.28

 

 

$

18

 

Vested and expected to vest at December 31, 2022

 

 

4,687,811

 

 

$

8.53

 

 

 

8.06

 

 

$

18

 

(1) The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:

 

 

 

Years Ended December 31,

 

 

2022

 

2021

Risk-free interest rate range

 

1.59% to 4.30%

 

0.48% to 1.37%

Dividend yield

 

0%

 

0%

Expected term of options (years)

 

5.08 to 6.48

 

5.37 to 6.48

Volatility rate range

 

84.50% to 87.15%

 

88.41% to 91.19%