Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.23.2
Common Stock (Tables)
 6 Months Ended
Jun. 30, 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

 

 

2,308,450

 

 

 

10.95

 

 

 

 

 

 

 

Exercised

 

 

(191,386

)

 

 

4.43

 

 

 

 

 

 

1,302

 

Forfeited/Cancelled

 

 

(52,166

)

 

 

14.76

 

 

 

 

 

 

 

Outstanding as of June 30, 2023

 

 

8,078,282

 

 

$

7.84

 

 

 

7.9

 

 

$

41,935

 

Options Exercisable at June 30, 2023

 

 

3,599,958

 

 

$

6.92

 

 

 

6.8

 

 

$

22,386

 
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:

 

 

 

Six months ended June 30,

 

 

2023

 

2022

Risk-free interest rate

 

3.38%—3.95%

 

1.47%—3.36%

Expected term

 

5.5 years—6.1 years

 

5.5 years—6.1 years

Expected volatility

 

106%—107%

 

79%—83%

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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

1,392

 

 

$

857

 

 

$

2,628

 

 

$

1,729

 

General and administrative

 

 

1,411

 

 

 

920

 

 

 

2,655

 

 

 

1,859

 

Total

 

$

2,803

 

 

$

1,777

 

 

$

5,283

 

 

$

3,588