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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the 2020 Plan, 2021 Plan, and ESPP was recorded in the statements of operations and allocated as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Research and development

 

$

4,678

 

 

$

2,637

 

 

$

89

 

General and administrative

 

 

5,658

 

 

 

3,597

 

 

 

233

 

Total stock-based compensation expense

 

$

10,336

 

 

$

6,234

 

 

$

322

 

 

As of December 31, 2022, there was $25.0 million of total unrecognized compensation cost related to stock options, restricted stock awards, and ESPP under the Plans. The unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of 2.5 years.

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Balance as of December 31, 2021

 

 

4,254,504

 

 

$

9.89

 

 

 

9.4

 

 

$

1,868

 

Granted

 

 

1,602,909

 

 

 

6.86

 

 

 

 

 

 

 

Exercised

 

 

(81,067

)

 

 

6.37

 

 

 

 

 

 

 

Cancelled

 

 

(434,371

)

 

 

12.83

 

 

 

 

 

 

 

Balance as of December 31, 2022

 

 

5,341,975

 

 

$

8.79

 

 

 

8.6

 

 

$

6,875

 

Options exercisable as of December 31, 2022

 

 

1,747,167

 

 

$

8.88

 

 

 

8.3

 

 

$

2,368

 
Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The fair value of stock options was estimated using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Expected term in years

 

 

6.0

 

 

 

6.0

 

 

 

—

 

Expected volatility

 

 

93.1

%

 

 

91.0

%

 

 

—

 

Risk-free interest rate

 

 

3.1

%

 

 

1.1

%

 

 

—

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average fair value of options granted

 

$

5.25

 

 

$

7.28

 

 

$

—

 
Summary of Fair Value of ESPP Estimated using Weighted-Average Assumptions

The fair value of ESPP was estimated using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Expected term in years

 

 

1.3

 

 

 

1.3

 

 

 

—

 

Expected volatility

 

 

95.2

%

 

 

91.3

%

 

 

—

 

Risk-free interest rate

 

 

2.5

%

 

 

0.3

%

 

 

—

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 
Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

 

 

 

Number of
Restricted
Stock Awards

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance, December 31, 2021

 

 

493,914

 

 

$

4.02

 

Granted

 

 

—

 

 

 

—

 

Released

 

 

(186,727

)

 

 

4.02

 

Forfeited

 

 

(14,951

)

 

 

3.96

 

Balance, December 31, 2022

 

 

292,236

 

 

$

4.04