Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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:

	Nine Months Ended September 30,
	2023			2022
Fair value of common stock	$	3.65		$	7.47
Expected term (in years)		6.0			5.9
Expected volatility		81.7	%		78.5	%
Risk-free interest rate		3.8	%		2.2	%
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Research and development	$	1,527	$	2,064	$	6,345	$	3,769
General and administrative		1,635		1,265		5,123		3,047
Total stock-based compensation expense	$	3,162	$	3,329	$	11,468	$	6,816