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Stockholders’ Equity and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock option activity under the 2020 Plan as of December 31, 2023 is summarized as follows:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding at December 31, 2022	7,455	$	11.83
Granted	3,234	$	1.98
Forfeited	(2,151)	$	9.30
Exercised	(285)	$	3.23
Outstanding at December 31, 2023	8,253	$	8.92	6.74	$	19
Exercisable at December 31, 2023	4,949	$	10.66	5.56	$	13
Unvested and expected to vest at December 31, 2023	3,303	$	6.33	8.65	$	6

Schedule of Option-pricing Model Assumptions

The Black-Scholes option-pricing model assumptions that the Company used to determine the grant-date fair value of stock options for the years ended December 31, 2023 and December 31, 2022 were as follows, presented on a weighted-average basis:


	Year Ended December 31,
	2023	2022
Expected term (in years)	5.99	5.91
Expected volatility	79.92%	78.21%
Risk-free interest rate	3.96%	2.28%
Expected dividend	—%	—%

Schedule of Stock-based Compensation, Classified in Statements of Operations

For the years ended December 31, 2023 and December 31, 2022 total stock-based compensation related to stock options was classified in the Company’s statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expenses	$	6,243	$	8,464
General and administrative expenses	7,948		10,414
Total stock-based compensation expense	$	14,191	$	18,878

For the years ended December 31, 2023 and December 31, 2022 total stock-based compensation related to RSUs was classified in the Company’s statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expenses	$	5,371	$	5,665
General and administrative expenses	4,710		5,339
Total stock-based compensation expense	$	10,081	$	11,004

For the years ended December 31, 2023 and December 31, 2022 total stock-based compensation related to RSAs was classified in the Company’s statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expenses	$	—	$	—
General and administrative expenses	142		142
Total stock-based compensation expense	$	142	$	142

For the years ended December 31, 2023 and December 31, 2022 total stock-based compensation related to ESPP was classified in the Company’s statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expenses	$	399	$	845
General and administrative expenses	169		276
Total stock-based compensation expense	$	568	$	1,121

Total stock-based compensation expense was classified in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2023 and December 31, 2022 as follows for stock options, RSUs, RSAs and ESPP (in thousands):


	Year Ended December 31,
	2023		2022
Research and development expenses	$	12,013	$	14,974
General and administrative expenses	12,969		16,171
Total stock-based compensation expense	$	24,982	$	31,145

Schedule of Nonvested Share Activity

Restricted stock units and awards as of December 31, 2023 are summarized as follows:


	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Vesting Life
	(in thousands)			(in years)
Outstanding at December 31, 2022	2,298	$	9.18
Granted - restricted stock units	1,634	$	1.98
Vested and converted to shares	(1,268)	$	10.56
Forfeited	(1,007)	$	4.67
Unvested outstanding at December 31, 2023	1,657	$	3.76	1.92

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair values of the rights granted under the ESPP were calculated using the following assumptions:


	Year Ended December 31,
	2023	2022
Expected term (in years)	0.50 - 2.00	0.49 - 2.00
Expected volatility	70.74% - 82.61%	56.55% - 87.15%
Risk-free interest rate	4.40% - 5.53%	0.22% - 2.84%
Dividend yield	—%	—%