Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Stock Options

Total outstanding stock options as of March 31, 2023 was as follows:

	2023
	Number of shares			Weighted average exercise price
Outstanding at beginning of period		8,032,902		$	14.38
Granted		1,569,640		$	12.30
Exercised		(2,000	)	$	2.24
Cancelled or forfeited		(27,713	)	$	18.92
Outstanding at end of period		9,572,829		$	14.03

Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model

The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:

	Three Months Ended March 31,
	2023			2022
Fair value of stock options	$	8.85		$	10.17
Risk-free interest rate		3.65	%		1.73	%
Expected terms (in years)		6.08			6.08
Expected volatility		81.77	%		78.47	%
Expected dividend yield		0.00	%		0.00	%

Summary of Total Outstanding Restricted Stock Units

Total outstanding restricted share units as of March 31, 2023 was as follows:

	2023
	Number of shares			Weighted average grant date fair value
Outstanding at beginning of period		—
Awarded		626,260		$	12.42
Forfeited		(3,425	)	$	12.42
Outstanding at end of period		622,835		$	12.42

The fair value of each restricted share unit is estimated on the date of grant based on the fair value of our common shares on that same date.

Schedule of Share-based Compensation Expense

Share-based compensation expense was allocated as follows:

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Research and development	$	3,219	$	2,311
General and administrative		2,843		2,444
Total share-based compensation expense	$	6,062	$	4,755

Share-based compensation expense by type of award was as follows:

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Stock options	$	5,537	$	4,712
Restricted share units		425		—
ESPP		100		43
Total share-based compensation expense	$	6,062	$	4,755