Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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:

	Year Ended December 31,
	2022			2021
Fair value of common stock	$	4.78		$	23.63
Expected term (in years)		5.9			6.0
Expected volatility		78.8	%		78.4	%
Risk-free interest rate		2.5	%		0.9	%
Dividend yield		—			—

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2022:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		5,086,792		$	6.17		8.00	$	38,000
Granted		3,045,264			6.99
Vested and exercised		(671,796	)		1.84
Forfeited		(889,678	)		7.53
Expired		(99,058	)		14.81
Outstanding at December 31, 2022,		6,471,524			6.69		8.28	$	14,949
Exercisable at December 31, 2022		2,537,544		$	6.18		7.68	$	8,089

Summary of Unvested Restricted Stock Units Activity

The following table summarizes the Company's unvested restricted stock unit activity for the year ended December 31, 2022:

	Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2021		—		$	-
Granted		2,009,000			5.64
Vested		(461,700	)		6.00
Forfeited		(117,100	)		6.00
Unvested at December 31, 2022		1,430,200		$	5.49

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Year Ended December 31,
(in thousands)	2022		2021
Research and development	$	6,036	$	2,281
General and administrative		4,659		2,034
Total stock-based compensation expense	$	10,695	$	4,315