Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Shares Available for Grant

The following table provides a summary of shares available for grant under the 2020 Plan:

	Amended and Restated 2020 Equity Incentive Plan
Shares available for grant at December 31, 2021		3,407,898
Authorized		1,623,483
Granted		(2,385,984	)
Canceled/forfeited		286,912
Shares available for grant at December 31, 2022		2,932,309

Summary of Share Option Activity

The following table provides a summary of stock option activity under the 2020 Plan and related information:

	Outstanding Options
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		5,128,639		$	23.91		8.28	$	49,745
Granted		1,481,234			10.89
Exercised		(171,838	)		3.30
Canceled/forfeited		(241,187	)		44.58
Outstanding at December 31, 2022		6,196,848		$	20.56		7.78	$	19,872
Exercisable at December 31, 2022		3,663,358		$	14.73		7.03	$	18,824

Schedule of Fair Value of Each Option Grant Using Black-Scholes Option-Pricing Model

The fair value of each option grant during the years ended December 31, 2022, 2021 and 2020 was estimated with the following assumptions:

	Year Ended December 31,
	2022	2021	2020
Expected term (in years)	5.3 - 6.1	5.3 - 6.1	5.8 - 6.1
Risk-free interest rate	1.6% - 4.4%	0.8% - 1.4%	0.3% - 0.8%
Expected dividend rate	-	-	-
Expected stock price volatility	81.9% - 84.7%	79.7% - 86.9%	78.7% - 89.0%

Summary of Restricted Stock Unit Activity

The following table provides a summary of restricted stock unit activity under the 2020 Plan and related information:

	Outstanding RSUs
	Number of RSUs			Weighted- Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2021		15,075		$	58.56		1.83	$	324
Granted		904,750			13.55
Vested		(53,774	)		14.71
Canceled/forfeited		(45,725	)		16.55
Unvested as of December 31, 2022		820,326		$	14.13		1.68	$	9,245

Summary of Share-Based Compensation Expense

Stock-based compensation expense includes stock options and restricted stock units and has been reported in the Company’s consolidated statements of operations as follows (in thousands):

	Year Ended
	December 31,
	2022		2021		2020
Research and development	$	10,741	$	5,211	$	2,551
General and administrative		13,098		8,703		2,885
Total	$	23,839	$	13,914	$	5,436