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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

1,164

 

 

$

1,550

 

 

$

2,243

 

 

$

3,001

 

General and administrative

 

 

1,332

 

 

 

2,125

 

 

 

2,553

 

 

 

4,288

 

Total

 

$

2,496

 

 

$

3,675

 

 

$

4,796

 

 

$

7,289

 

 

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2024:

 

 

 

Number of
Shares

 

 

Weighted - Average
Grant Date
Fair Value

 

Outstanding at December 31, 2023

 

 

99,104

 

 

$

18.00

 

Granted

 

 

1,598,000

 

 

$

2.48

 

Vested

 

 

(74,122

)

 

$

18.00

 

Forfeited

 

 

(17,000

)

 

$

2.65

 

Outstanding at June 30, 2024

 

 

1,605,982

 

 

$

2.72

 

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2024:

 

 

 

Number of
Options

 

 

Weighted - Average
Exercise
Price Per
Share

 

 

Weighted -Average
Remaining
Contractual
Term
(In Years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2023

 

 

6,273,507

 

 

$

7.62

 

 

 

8.64

 

 

$

74,680

 

Granted

 

 

31,000

 

 

$

2.89

 

 

 

 

 

 

 

Forfeited

 

 

(35,750

)

 

$

3.00

 

 

 

 

 

 

 

Expired

 

 

(3,277

)

 

$

14.28

 

 

 

 

 

 

 

Balance at June 30, 2024

 

 

6,265,480

 

 

$

7.62

 

 

 

8.12

 

 

$

 

Vested and expected to vest at June 30, 2024

 

 

6,265,480

 

 

$

7.62

 

 

 

8.12

 

 

$

 

Exercisable at June 30, 2024

 

 

3,114,628

 

 

$

9.83

 

 

 

7.83

 

 

$

 

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:

 

 

 

Six Months Ended
June 30,

 

 

2024

 

2023

Expected volatility

 

88.1%

 

77.4%

Risk-free interest rate

 

4.39%

 

3.86%

Expected dividend yield

 

0.0%

 

0.0%

Expected term

 

6.08 years

 

6.05 years

Schedule of Common Stock Reserved for Future Issuance

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

 

 

 

June 30,
2024

 

 

December 31,
2023

 

Common stock options and restricted stock units issued and outstanding

 

 

7,871,462

 

 

 

6,372,611

 

Awards available for future issuance under the 2020 Plan

 

 

956,901

 

 

 

991,413

 

Awards available for future issuance under the ESPP

 

 

1,766,284

 

 

 

1,412,802

 

Total common stock reserved for future issuance

 

 

10,594,647

 

 

 

8,776,826