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Stockholders equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Years ended December 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

5,419

 

 

$

4,688

 

General and administrative

 

 

9,144

 

 

 

20,429

 

Total

 

$

14,563

 

 

$

25,117

 

 

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the years ended December 31, 2022 and 2021:

 

 

 

Number of
Shares

 

 

Weighted -
average
grant date
fair value

 

Outstanding at December 31, 2020

 

 

1,920,037

 

 

$

 

Granted

 

 

 

 

$

18

 

Vested

 

 

(944,991

)

 

$

 

Outstanding at December 31, 2021

 

 

975,046

 

 

$

18.00

 

Granted

 

 

 

 

$

 

Vested

 

 

(446,260

)

 

$

18.00

 

Forfeited

 

 

(18,747

)

 

 

 

Outstanding at December 31, 2022

 

 

510,039

 

 

$

18.00

 

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2022 and 2021 (in thousands, except share and per option data and years):

 

 

 

Number of
options

 

 

Weighted -
average
exercise
price per
option

 

 

Weighted -
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value

 

Balance at December 31, 2020

 

 

615,106

 

 

$

18.00

 

 

 

9.95

 

 

$

9,848

 

Granted

 

 

479,543

 

 

$

37.86

 

 

 

 

 

 

 

Exercised

 

 

(7,747

)

 

$

18.00

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

1,086,902

 

 

$

26.76

 

 

9.22

 

 

$

991,495

 

Granted

 

 

1,718,200

 

 

$

6.35

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

$

 

Forfeited

 

 

(50,387

)

 

$

21.64

 

 

 

 

 

 

 

Expired

 

 

(17,797

)

 

$

40.00

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

2,736,918

 

 

$

13.82

 

 

 

8.82

 

 

$

3,636,148

 

Vested and expected to vest at December 31, 2022

 

 

2,736,918

 

 

$

13.82

 

 

 

8.82

 

 

$

3,636,148

 

Exercisable at December 31, 2022

 

 

496,074

 

 

$

25.95

 

 

 

8.10

 

 

$

 

Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

 

 

 

Years ended December 31,

 

 

 

2022

 

 

2021

 

Expected volatility

 

 

74.9

%

 

 

74.7

%

Risk-free interest rate

 

 

2.14

%

 

 

1.06

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Expected term

 

6.04 years

 

 

5.98 years

 

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Warrants for the purchase of common stock

 

 

 

 

 

151,088

 

Common stock options and restricted stock units issued and outstanding

 

 

3,246,957

 

 

 

2,061,948

 

Awards available for future issuance under the 2020 Plan

 

 

3,012,554

 

 

 

3,211,854

 

Awards available for future issuance under the ESPP

 

 

1,070,402

 

 

 

822,811

 

Total common stock reserved for future issuance

 

 

7,329,913

 

 

 

6,247,701