Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows:

	Three months ended March 31,
	2023		2022
	(in thousands)
Research and development	$	449	$	83
General and administrative		1,015		544
Stock-based compensation expense included in operating expenses	$	1,464	$	627

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the three months ended March 31, 2023:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term (in years)	(in thousands)
Outstanding at December 31, 2022	4,408,274	$	3.44	8.52	$	350
Granted	2,101,316		1.06
Exercised	(462,073)		0.49
Cancelled	(893,071)		2.64
Outstanding at March 31, 2023	5,154,446		2.87	7.63	$	2,819
Vested at March 31, 2023	2,569,967		2.42	4.17	$	1,092
Vested and expected to vest at March 31, 2023	5,154,446	$	2.87	7.63	$	2,819

The following is a summary of the Company’s stock option activity for the three months ended March 31, 2022:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term (in years)	(in thousands)
Outstanding at December 31, 2021	3,021,799	$	3.71	8.94	$	10,903
Granted	1,314,200		3.46
Exercised	(44,105)		0.43
Cancelled	(145,787)		4.10
Outstanding at March 31, 2022	4,146,107		2.55	9.31	$	2,529
Vested at March 31, 2022	760,028		1.37	8.23	$	1,188
Vested and expected to vest at March 31, 2022	4,146,107	$	2.55	9.31	$	2,529

Schedule of assumptions used in estimation of fair value

	Three months ended March 31,
	2023		2022
Risk-free interest rate	3.67 - 4.24	%	1.62 - 2.41	%
Volatility	73-74	%	75-76	%
Dividend yield	0.00	%	0.00	%
Expected term (years)	2-6		6

Summary of restricted stock units activity

The following table summarizes activity related to RSUs:

		Weighted- average
		grant date
	Number of shares	fair value
Unvested at December 31, 2022	125,622	$	16.00
Granted	96,025		0.98
Vested	(12,562)	$	16.00
Unvested at March 31, 2023	209,085	$	9.10