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Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2022 and 2021, respectively, for the 2019 Plan:

			Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2022			2,157,460						$	13.54
Granted			1,702,513						$	9.29
Exercised			(852)						$	5.67					—
Forfeited or expired			(145,873)						$	11.88
Outstanding as of June 30, 2022			3,713,248						$	11.66					8.86						$	23,870
Options vested and expected to vest as of June 30, 2022			3,713,248						$	11.66					8.86						$	23,870
Options exercisable as of June 30, 2022			1,127,085						$	13.83					8.00						$	—

			Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2021			1,117,160						$	12.96
Granted			961,059						$	15.27
Exercised			—						$	—
Forfeited or expired			(13,380)						$	12.11
Outstanding as of June 30, 2021			2,064,839						$	14.04					9.16						$	411,563
Options vested and expected to vest as of June 30, 2021			2,064,839						$	14.04					9.16						$	411,563
Options exercisable as of June 30, 2021			462,022						$	13.59					8.65						$	227,848

Schedule of Valuation Assumptions Used

The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:

			Six Months Ended June 30,
			2022			2021
Risk-free interest rate			1.95%			0.88%
Expected dividend yield			0%			0%
Expected volatility			97.9%			92.3%
Expected term of options (years)			6.00			5.94

Schedule of Stock-based Compensation Expense for Stock Awards Recognized

Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:

									Three Months  Ended June 30,												Six Months  Ended June 30,
															2022						2021						2022						2021
Research and development															$	765,000					$	492,000					$	1,561,000					$	823,000
General and administrative															1,297,000						1,015,000						2,570,000						2,263,000
Total															$	2,062,000					$	1,507,000					$	4,131,000					$	3,086,000

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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