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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2023.

 

Number of
Options

 

Weighted-
Average
Exercise
Price

 

Weighted-
Average
Remaining
Contractual
Term (In Years)

 

Aggregate
Intrinsic
Value
(In Thousands)

 

Outstanding at December 31, 2022

 

2,640,590

 

$

16.19

 

 

8.08

 

$

25,513

 

Granted

 

25,756

 

$

23.10

 

 

 

 

 

Exercised

 

(74,753

)

$

15.04

 

 

 

 

 

Forfeited

 

(64,080

)

$

99.98

 

 

 

 

 

Outstanding at March 31, 2023

 

2,527,513

 

$

14.17

 

 

8.22

 

$

28,068

 

Exercisable at March 31, 2023

 

1,022,728

 

$

18.21

 

 

7.09

 

$

13,318

 

Summary of Fair Value of Stock Option Granted

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:

 

Three Months Ended
March 31,

 

2023

 

2022

 

Risk-free interest rate

 

3.86

%

 

1.82

%

Expected term (in years)

 

6.05

 

 

6.00

 

Expected volatility

 

62

%

 

56

%

Expected dividend yield

 

0

%

 

0

%

Fair value per share of common stock

$

23.10

 

$

14.69

 

Schedule of Restricted Stock Unit Activity

A summary of restricted common stock activity is as follows:

 

Three Months Ended
March 31,

 

2023

 

2022

 

Unvested at the beginning of the year

 

1,916

 

 

10,170

 

Vested

 

(958

)

 

(2,285

)

Unvested at the end of the period

 

958

 

 

7,885

 

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees is as follows (in thousands):

 

Three Months Ended
March 31,

 

2023

 

2022

 

Research and development

$

345

 

$

133

 

General and administrative

 

679

 

 

199

 

Total stock-based compensation expense

$

1,024

 

$

332