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Equity Incentive Plans and Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity
The following table summarizes restricted stock activity during the nine months ended September 30, 2022:
  Number
of
Shares		Weighted-
Average
Grant Date
fair value
Outstanding and unvested, as of December 31, 202121,841 $2.16 
Vested(21,841)$2.16 
Outstanding and unvested, as of September 30, 2022— $— 
The following table sets forth the outstanding RSUs and related activity for the nine months ended September 30, 2022:
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021— — 
Granted525,825 17.43 
Forfeited(2,350)17.30 
Unvested and outstanding at September 30, 2022523,475 17.43 
The following table sets forth the outstanding PSUs and related activity for the nine months ended September 30, 2022:
Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021— — 
Granted*709,064 23.36 
Unvested and outstanding at September 30, 2022*709,064 23.36 
*PSUs granted and outstanding based on target level of achievement of 100%.
Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards
The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:
  Nine Months Ended
September 30,
 20222021
Expected volatility
73.78% - 79.53%
74.95% - 76.31%
Risk-free interest rate
1.64% - 3.59%
0.61% - 1.07%
Expected dividend——
Expected term (in years)
5.33 - 6.08
5.44 - 6.08
Underlying common stock fair value
4.92 - 24.23
18.85 - 38.23
Summary of Option Activity Under the 2015 Plan and 2020 Plan A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:
  Number
of
Options		Weighted-
Average Exercise
Price per Share		Weighted-
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic
Value
Outstanding as of December 31, 20213,620,180 $14.56 8.25$16,735 
Granted2,343,884 $10.94 
Exercised(126,299)$4.90 
Forfeited(363,419)$17.26 
Outstanding as of September 30, 20225,474,346 $13.05 8.25$50,755 
Exercisable as of September 30, 20222,167,500 $11.88 7.38$23,172 
Vested and expected to vest as of September 30, 20225,474,346 $13.05 8.25$50,755 
Schedule of TSR PSU Valuation Assumptions The fair value of the TSR PSUs were derived from a Monte Carlo simulation model that used the following key assumptions:
Valuation date share price$17.57 
Award term (years)1.92
Volatility70.62 %
Correlation coefficient0.3508
Average peer group volatility79.69 %
Average peer group correlation coefficient0.4397
Risk free interest rate2.84 %
Summary of Components and Classification of Stock-based Compensation Expense for Stock-based Awards
The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three and nine months ended September 30, 2022 and 2021 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Restricted stock awards$— $47 $36 $149 
Stock options and ESPP3,087 2,764 9,986 7,520 
Restricted stock units$800 $— $800 $— 
Performance-based restricted stock units$921 $— $921 $— 
Total stock-based compensation expense$4,808 $2,811 $11,743 $7,669 
Research and development expenses$2,999 $915 $6,675 $2,953 
General and administrative expenses$1,809 $1,896 $5,068 $4,716 
Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
 Nine Months Ended
September 30,
 20222021
Risk-free interest rate
0.60% - 3.34%
0.06% - 0.07%
Expected term of options (in years)
0.50
0.50
Expected stock price volatility
63.17% - 82.02%
67.16% - 89.51%
Expected dividends
—
—