Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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:

	Six Months Ended June 30,
	2023			2022
Fair value of common stock	$	3.76		$	8.30
Expected term (in years)		6.0			6.0
Expected volatility		81.9	%		78.4	%
Risk-free interest rate		3.7	%		1.8	%
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)	2023		2022		2023		2022
Research and development	$	2,463	$	909	$	4,817	$	1,705
General and administrative		1,775		832		3,489		1,782
Total stock-based compensation expense	$	4,238	$	1,741	$	8,306	$	3,487