Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted

The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:

	Six Months Ended June 30,
	2022		2021
Expected volatility	71%		74%
Risk-free interest rate	1.47% — 3.55%		0.88% — 1.17%
Expected term (in years)	6		6
Expected dividend yield		—		—

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2022 is as follows:

(in thousands, except share and per share data)	Options			Weighted Average Exercise Price		Weighted Average Remaining Life (in years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2022		7,967,750		$	9.35		8.7	$	36,946
Granted		490,069			7.06
Exercised		(41,950	)		2.80
Canceled		(327,428	)		11.74
Outstanding as of June 30, 2022		8,088,441		$	9.15		8.3	$	13,477
Options exercisable as of June 30, 2022		2,824,181		$	7.75		8.3	$	6,916
Options vested or expected to vest as of June 30, 2022		8,088,441		$	9.15		8.0	$	13,477

Summary of RSU Activity

A summary of the Company’s RSU activity and related information for the 2020 Plan for the six months ended June 30, 2022 is as follows:

	Number of Shares Underlying RSUs			Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2022		1,056,984		$	16.99
Granted		105,050			7.74
Vested		(91,862	)		14.78
Forfeited		(52,899	)		17.40
Issued and unvested as of June 30, 2022		1,017,273		$	16.21

Summary of Restricted Common Stock Award Activity

The following table summarizes the Company’s restricted common stock award activity for the six months ended June 30, 2022:

	Number of Restricted Shares
Issued and unvested as of January 1, 2022		38,141
Vested		(31,168	)
Forfeited		—
Issued and unvested as of June 30, 2022		6,973

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	1,957	$	2,149	$	3,990	$	3,719
General and administrative		1,074		2,090		3,529		4,172
Total	$	3,031	$	4,239	$	7,519	$	7,891