Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2023 and 2022 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development	$	1,451	$	1,300
General and administrative		2,163		2,332
Total	$	3,614	$	3,632

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the three months ended March 31, 2023:

	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2022		510,039		$	18.00
Granted		—		$	—
Vested		(109,746	)	$	18.00
Forfeited		—		$	—
Outstanding at March 31, 2023		400,293		$	18.00

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the three months ended March 31, 2023:

	Number of Options			Weighted - Average Exercise Price Per Share		Weighted -Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2022		2,736,918		$	13.82		8.82	$	3,636,148
Granted		3,485,500		$	3.84
Exercised		—		$	—
Forfeited		(8,000	)	$	3.72
Expired		—		$	—
Balance at March 31, 2023		6,214,418		$	8.24		9.30	$	37,544
Vested and expected to vest at March 31, 2023		6,214,418		$	8.24		9.30	$	37,544
Exercisable at March 31, 2023		929,919		$	18.25	8.28		$	—

Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Three Months Ended March 31,
	2023	2022
Expected volatility	77.3%	76.4%
Risk-free interest rate	3.85%	0.52%
Expected dividend yield	0.0%	0.0%
Expected term	6.10 years	6.08 years

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

	March 31, 2023		December 31, 2022
Common stock options and restricted stock units issued and outstanding		6,614,711		3,246,957
Awards available for future issuance under the 2020 Plan		1,073,515		3,012,554
Awards available for future issuance under the ESPP		1,578,352		1,070,402
Total common stock reserved for future issuance		9,266,578		7,329,913