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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share-based Compensation Expense

Share-based compensation expense was as follows for the years ended December 31, (in thousands):

 

 

 

2022

 

 

2021

 

Research and development

 

$

3,650

 

 

$

9,001

 

General and administrative

 

 

2,603

 

 

 

2,855

 

Total share-based compensation expense

 

$

6,253

 

 

$

11,856

 

Summary of Options Granted by the Company's Board of Directors

The following tables summarizes option activity for the periods presented:

 

 

 

Total
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

 

Weighted-Average
Remaining
Contractual
Life
(in years)

Outstanding as of December 31, 2021

 

 

34,200,976

 

 

$

1.43

 

 

$

912

 

 

8.1

Granted

 

 

17,058,623

 

 

$

0.45

 

 

 

 

 

 

Canceled

 

 

(12,143,425

)

 

$

1.08

 

 

 

 

 

 

Outstanding as of December 31, 2022

 

 

39,116,174

 

 

$

1.11

 

 

$

1,088

 

 

5.4

Vested and exercisable as of
   December 31, 2022

 

 

22,083,111

 

 

$

1.34

 

 

$

 

 

4.6

Employee Stock Option | Employee Share Purchase Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary Of Share Based Payment Award Stock Options Valuation Assumptions

The weighted-average fair value of options and ESPP (as defined below) awards issued was estimated at the date of grant using the BSM with the following weighted-average assumptions for the years ended December 31:

 

 

 

Options

 

 

ESPP

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

 

 

1.2

 

 

 

1.3

 

Risk-free interest rate

 

 

2.9

%

 

 

1.0

%

 

 

2.8

%

 

 

0.2

%

Expected volatility

 

 

82.0

%

 

 

80.5

%

 

 

79.2

%

 

 

74.6

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average grant date fair value

 

$

0.31

 

 

$

1.20

 

 

$

0.22

 

 

$

0.78