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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity
The following table summarizes restricted stock activity during the year ended December 31, 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 December 31, 2022— $— 
The following table sets forth the outstanding RSUs and related activity for the year ended December 31, 2022:
Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested balance as of December 31, 2021— — 
Granted525,825 17.43 
Forfeited(17,900)17.30 
Unvested balance as of December 31, 2022507,925 17.43 
The following table sets forth the outstanding PSUs associated with the TSR goal and related activity for the year ended December 31, 2022:
Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested balance as of December 31, 2021— — 
Granted*354,532 29.15 
Vested— — 
Unvested balance as of December 31, 2022*354,532 29.15 
*PSUs granted and outstanding based on target level of achievement of 100%.
The following table sets forth the outstanding PSUs associated with clinical development milestones and related activity for the year ended December 31, 2022:
Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested balance as of December 31, 2021— — 
Granted*354,532 17.57 
Vested(177,266)17.57 
Unvested balance as of December 31, 2022*177,266 17.57 
*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:
Year Ended December 31,
20222021
Expected volatility73.78%-80.64%74.83%-76.31%
Risk-free interest rate1.64 %-4.16 %0.61 %-1.39 %
Expected dividend——
Expected term (in years)5.33-6.085.44-6.08
Underlying common stock fair value4.92-24.2315.20-38.23
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 (in thousands)
Outstanding as of December 31, 20213,620,180 $14.56 8.25$16,735 
Granted2,517,884 $11.65 
Exercised(140,443)$4.80 
Forfeited(428,054)$16.50 
Outstanding as of December 31, 20225,569,567 $13.34 7.96$43,696 
Exercisable as of December 31, 20222,517,687 $12.06 7.01$23,522 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, 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 Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:
Year Ended December 31,
20222021
Risk-free interest rate
0.60% - 3.34%
0.06% - 0.07%
Expected term of options (in years)0.500.50
Expected stock price volatility
63.17% - 82.02%
67.16% - 89.51%
Expected dividends—%—%
Summary of Classification of Stock-based Compensation Expense
The following table presents the classification of stock-based compensation expense during the years ended December 31, 2022 and 2021 (in thousands):
Year Ended December 31,
20222021
Restricted stock awards$36 $182 
Stock options and ESPP$13,280 $10,255 
Restricted stock units$1,892 $— 
Performance-based restricted stock units$7,390 $— 
Total stock-based compensation expense$22,598 $10,437 
Research and development expenses$8,730 $3,928 
General and administrative expenses13,867 6,509