Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-based compensation

Weighted average assumptions used in option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Three Months Ended March 31,
	2023			2022
Expected volatility		87.9	%		83.5	%
Risk-free interest rate		3.9	%		1.7	%
Expected term (in years)		5.96			6.08
Expected dividend yield		—			—
Fair value of common stock	$	5.39		$	10.58

Summary of option activity

A summary of option activity under the 2020 Plan and prior Plans during the three months ended March 31, 2023 was as follows:

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2023	2,519,405		9.60	7.90
Granted	29,100		5.39	9.88
Forfeited	(54,293)		12.03	—
Expired	(802)		13.79	—
Exercised	—		—	—
Outstanding at March 31, 2023	2,493,410		9.50	7.55
Exercisable at March 31, 2023	1,368,315		9.19	6.91