Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted-average assumptions used principally in determining the fair value of options granted were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Fair value of common stock	$	4.37		$	23.38		$	8.30		$	22.66
Expected term (in years)		5.6			6.1			6.0			6.0
Expected volatility		79.8	%		79.7	%		78.4	%		79.7	%
Risk-free interest rate		3.4	%		1.1	%		1.8	%		0.8	%
Dividend yield		—			—			—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	909	$	542	$	1,705	$	991
General and administrative		832		525		1,782		967
Total stock-based compensation expense	$	1,741	$	1,067	$	3,487	$	1,958