Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,071	$	1,321	$	3,314	$	4,322
General and administrative		1,123		2,196		3,676		6,484
Total	$	2,194	$	3,517	$	6,990	$	10,806

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the nine months ended September 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		(99,023	)	$	18.00
Forfeited		(31,000	)	$	2.65
Outstanding at September 30, 2024		1,567,081		$	2.48

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the nine months ended September 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		37,000		$	2.70
Forfeited		(61,488	)	$	5.40
Expired		(31,527	)	$	3.95
Balance at September 30, 2024		6,217,492		$	7.63		7.88	$	3,100
Vested and expected to vest at September 30, 2024		6,217,492		$	7.63		7.88	$	3,100
Exercisable at September 30, 2024		3,468,180		$	9.60		7.64	$	120

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:

	Nine Months Ended September 30,
	2024	2023
Expected volatility	88.7%	77.9%
Risk-free interest rate	4.25%	3.88%
Expected dividend yield	0.0%	0.0%
Expected term	5.95 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:

	September 30, 2024		December 31, 2023
Common stock options and restricted stock units issued and outstanding		7,784,573		6,372,611
Awards available for future issuance under the 2020 Plan		1,018,889		991,413
Awards available for future issuance under the ESPP		1,766,284		1,412,802
Total common stock reserved for future issuance		10,569,746		8,776,826