Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity under the 2019 Equity Incentive Plan (the “2019 Plan”) is set forth below for the six months ended June 30, 2022:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price Per		Term		Value
	Outstanding			Share		(Years)		(in thousands)
Balances at December 31, 2021		2,024,681		$	18.33		8.0	$	38,417
Stock options authorized		—
Stock options granted		1,005,432			19.39
Stock options exercised		(44,910	)		8.24
Stock options forfeited		(77,607	)		24.96
Balances at June 30, 2022		2,907,596		$	18.67		8.3	$	8,158

Summary of RSU Activity

Restricted stock unit (“RSU”) activity under the 2019 Plan is set forth below for the six months ended June 30, 2022:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
	Outstanding			Per Share
Balances at December 31, 2021		40,500		$	44.66
RSUs granted		—			—
RSUs vested and settled		(13,500	)		44.66
RSUs forfeited		—			—
Balances at June 30, 2022		27,000		$	44.66

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was as follows (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,269	$	1,627	$	2,448	$	3,101
General and administrative		1,403		1,261		2,926		2,474
Total stock-based compensation expense	$	2,672	$	2,888	$	5,374	$	5,575