Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development expense	$	608	$	54
General and administrative expense		1,642		210
Total stock-based compensation expense	$	2,250	$	264

Summary of Activity Related to Stock Option Grants

A summary of the Company’s stock option activity for the three months ended March 31, 2023 is as follows:

	Shares Subject to Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		12,063,560		$	6.07
Granted		4,099,600		$	8.26
Exercised		(502,687	)	$	2.62
Forfeited		(76,054	)	$	21.32
Outstanding at March 31, 2023		15,584,419		$	6.69		6.67	$	39,388,194
Exercisable at March 31, 2023		11,470,122		$	6.12		5.56	$	39,361,532

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following weighted-average assumptions:

	Three Months Ended March 31,
	2023			2022
Expected term (in years)		6.1			6.1
Expected volatility		95.3	%		90.3	%
Risk-free interest rate		3.9	%		1.6	%
Expected dividend yield		—			—