Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.23.3
Common Stock (Tables)
 9 Months Ended
Sep. 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

 

 

2,516,650

 

 

 

11.18

 

 

 

 

 

 

 

Exercised

 

 

(273,026

)

 

 

3.98

 

 

 

 

 

 

2,195

 

Forfeited/Cancelled

 

 

(58,428

)

 

 

14.08

 

 

 

 

 

 

 

Outstanding as of September 30, 2023

 

 

8,198,580

 

 

$

8.04

 

 

 

7.8

 

 

$

58,882

 

Options Exercisable at September 30, 2023

 

 

3,795,192

 

 

$

7.05

 

 

 

6.6

 

 

$

31,025

 
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:

 

 

 

Nine months ended September 30,

 

 

2023

 

2022

Risk-free interest rate

 

3.38%—4.38%

 

1.47%—3.36%

Expected term

 

5.5 years—6.1 years

 

5.5 years—6.1 years

Expected volatility

 

105%—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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

1,413

 

 

$

868

 

 

$

4,041

 

 

$

2,597

 

General and administrative

 

 

1,596

 

 

 

863

 

 

 

4,251

 

 

 

2,722

 

Total

 

$

3,009

 

 

$

1,731

 

 

$

8,292

 

 

$

5,319