Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense Related to Stock Options

The Company recorded stock-based compensation expense in the following expense categories of its condensed statements of operations for the periods shown (in thousands):

	Three Months Ended March 31,
	2023		2022
General and administrative	$	958	$	452
Research and development	432		166
Total stock-based compensation	$	1,390	$	618

Summary of Assumptions Used for Valuation of Fair Value of Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the three months ended March 31, 2023 and 2022 with the following weighted average assumptions:

	Three Months Ended March 31,
	2023	2022
Risk-free interest rate	3.58% - 4.13%	1.71%
Expected term (in years)	5.8 - 6.1	6.1
Expected volatility	90%	90%
Expected dividend yield	0%	0%

Summary of Stock Option Activity

The following table reflects summarized stock option activity:

	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	5,610,893	$	3.36
Granted	1,628,000	$	5.96
Outstanding at March 31, 2023	7,238,893	$	3.94	8.3	$	9,805
Vested and exercisable at March 31, 2023	2,769,265	$	2.56	7.2	$	6,446

Summary of Nonvested Restricted Stock Units Activity

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2023	—	$	—
Granted	328,500	$	6.11
Unvested at March 31, 2023	328,500	$	6.11