Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Fair value of common stock	$	3.98		$	8.58
Expected term (in years)		6.0			6.0
Expected volatility		82.1	%		78.3	%
Risk-free interest rate		3.8	%		1.7	%
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Research and development	$	2,354	$	796
General and administrative		1,714		950
Total stock-based compensation expense	$	4,068	$	1,746