Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Company maintains three equity compensation plans; the 2020 Stock Plan, or the 2020 Plan, the 2022 Stock Option Incentive Plan, or the 2022 Plan, and the 2022 Employee Stock Purchase Plan, or the ESPP. The number of shares of common stock that may be issued under the 2022 Plan is subject to increase by the number of shares forfeited and not exercised under the 2020 Plan. Additionally, the number of shares reserved for issuance under the 2022 Plan automatically increases on the first day of each fiscal year in an amount equal to the lower of (1) 5% of the shares of common stock outstanding on such date and (2) an amount determined by the Company’s board of directors. The board of directors has determined not to make any further awards under the 2020 Plan. On January 1, 2023, an additional 1,185,660 shares were added to the 2022 Plan as a result of the evergreen provision. As of June 30, 2023, 1,111,279 shares remained available for grant under the 2022 Plan and 226,000 shares remained available for issuance under the ESPP.

Stock Option Activity

Stock option activity under the 2020 Plan and the 2022 Plan, is as follows:

	Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2022		3,341,834		$	9.52
Granted		1,229,550		$	14.95
Exercised		(100,351	)	$	2.12
Canceled/Forfeited		(253,707	)	$	12.64
Outstanding as of June 30, 2023		4,217,326		$	11.09

The weighted-average grant date fair value of options granted during the six months ended June 30, 2023 was $9.31 per share.

Stock-Based Compensation Expense

Stock based compensation expense recognized for stock option grants included in the accompanying condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	782	$	372	$	1,382	$	628
General and administrative		1,055		857		1,803		1,415
Total stock-based compensation expense	$	1,837	$	1,229	$	3,185	$	2,043

The Company had 4,217,326 unvested stock options outstanding as of June 30, 2023. As of June 30, 2023, total unrecognized compensation cost related to stock options was $23.7 million. This amount is expected to be recognized over a weighted average period of approximately 2.84 years.