Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based compensation expense

Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development expenses	$	1,298	$	704
General and administrative expenses	1,457		1,090
Total	$	2,755	$	1,794

Schedule of assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the three months ended March 31, 2023 and 2022:

	March 31, 2023		March 31, 2022
Risk‑free interest rate	4.13	%	1.61	%
Expected volatility	71	%	70	%
Expected dividend yield	—		—
Expected term (in years)	6.08		6.06

Summary of the stock option activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2023:

	Number of Shares	Weighted‑ Average Exercise Price
Outstanding as of December 31, 2022	5,028,850	$	10.95
Granted	350,396	12.24
Exercised	(18,344)	6.39
Forfeited	(11,736)	13.69
Outstanding as of March 31, 2023	5,349,166	$	11.04
Exercisable as of March 31, 2023(1)	2,878,389	$	8.37

(1)This represents the number of vested and unvested options exercisable as of March 31, 2023.

Summary of unvested restricted stock

A summary of restricted stock activity during the three months ended March 31, 2023 is as follows:

	Shares	Weighted‑ Average Grant‑Date Fair Value
Unvested as of December 31, 2022	463,964	$	12.26
Issued	303,262	$	12.25
Vested	(91,859)	$	11.57
Forfeited	(4,059)	$	12.06
Unvested as of March 31, 2023	671,308	$	12.35