Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.23.1
Common Stock (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity is presented below:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of January 1, 2023

 

 

6,013,384

 

 

$

6.60

 

 

 

7.8

 

 

$

22,202

 

Granted

 

 

2,074,850

 

 

 

11.00

 

 

 

 

 

 

 

Exercised

 

 

(84,264

)

 

 

5.44

 

 

 

 

 

 

443

 

Forfeited/Cancelled

 

 

(52,166

)

 

 

14.76

 

 

 

 

 

 

 

Outstanding as of March 31, 2023

 

 

7,951,804

 

 

$

7.71

 

 

 

8.2

 

 

$

18,237

 

Options Exercisable at March 31, 2023

 

 

3,326,885

 

 

$

6.93

 

 

 

6.9

 

 

$

9,714

 
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Three months ended March 31,

 

 

2023

 

2022

Risk-free interest rate

 

3.38%—3.95%

 

1.47%—2.12%

Expected term

 

6.1 years

 

6.1 years

Expected volatility

 

106%

 

79%—81%

Expected dividend yield

 

0%

 

0%
Summary of Stock-Based Compensation

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Research and development

 

$

1,236

 

 

$

872

 

General and administrative

 

 

1,244

 

 

 

939

 

Total

 

$

2,480

 

 

$

1,811