Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2020 Plan and the 2021 Plan during the three months ended March 31, 2023 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, 2022		7,755,303		$	8.47		8.7	$	794
Options granted - 2021 Plan		2,933,350		$	2.18
Options exercised		—		$	—
Options cancelled		(848,226	)	$	7.93
Outstanding as of March 31, 2023		9,840,427		$	6.64		7.8	$	1,212
Exercisable		2,890,823		$	8.53		6.3	$	330
Vested and expected to vest as of March 31, 2023		9,840,427		$	6.64		7.8	$	1,212

Components of Stock-based Compensation Expense

The following table presents the components of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):

	Three Months Ended March 31,
	2023		2022
Restricted stock awards and founders’ common stock awards	$	2	$	2
ESPP		109		146
Stock options		3,152		3,194
Total stock-based compensation expense	$	3,263	$	3,342

Classification of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):

	Three Months Ended March 31,
	2023		2022
Research and development expenses	$	1,120	$	1,373
General and administrative expenses		2,143		1,969
Total stock-based compensation expense	$	3,263	$	3,342