Stock-Based Compensation (Tables)

12 Months Ended

Dec. 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:

	Year Ended December 31,
	2023			2022
Fair value of common stock	$	4.94		$	4.78
Expected term (in years)		6.0			5.9
Expected volatility		81.7	%		78.8	%
Risk-free interest rate		3.8	%		2.5	%
Dividend yield		—			—

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2023:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		6,471,524		$	6.69		8.28	$	14,949
Granted		2,347,469			4.94
Vested and exercised		(94,028	)		1.85
Forfeited		(358,336	)		7.41
Expired		(76,552	)		12.09
Outstanding at December 31, 2023		8,290,077		$	6.17		7.71	$	999
Exercisable at December 31, 2023		4,539,019		$	6.19		7.02	$	880

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, 2023:

	Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022		1,430,200		$	5.49
Granted		801,611			4.88
Vested		(1,019,846	)		5.59
Forfeited		(98,584	)		5.71
Unvested at December 31, 2023		1,113,381		$	4.94

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:

	Year Ended December 31,
(in thousands)	2023		2022
Research and development	$	6,831	$	6,036
General and administrative		6,531		4,659
Total stock-based compensation expense	$	13,362	$	10,695