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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 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 | 1,837,513 |  |  | $ | 8.90 |  |  |  |  |
Exercised | (852) |  |  | $ | 5.67 |  |  | — |  |  |
Forfeited or expired | (194,548) |  |  | $ | 11.62 |  |  |  |  |
Outstanding as of September 30, 2022 | 3,799,573 |  |  | $ | 11.40 |  |  | 8.59 |  | $ | 2,400 |
Options vested and expected to vest as of September 30, 2022 | 3,799,573 |  |  | $ | 11.40 |  |  | 8.59 |  | $ | 2,400 |
Options exercisable as of September 30, 2022 | 1,248,875 |  |  | $ | 13.63 |  |  | 7.64 |  | $ | — |
| 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 | 1,033,809 |  |  | $ | 14.95 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (105,009) |  |  | $ | 14.32 |  |  |  |  |
Outstanding as of September 30, 2021 | 2,045,960 |  |  | $ | 13.90 |  |  | 8.91 |  | $ | 74,460 |
Options vested and expected to vest as of September 30, 2021 | 2,045,960 |  |  | $ | 13.90 |  |  | 8.91 |  | $ | 74,460 |
Options exercisable as of September 30, 2021 | 665,168 |  |  | $ | 13.39 |  |  | 8.33 |  | $ | 43,121 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Nine Months Ended September 30,
| 2022 | 2021
Risk-free interest rate | 2.04% | 0.88%
Expected dividend yield | 0% | 0%
Expected volatility | 97.8% | 92.4%
Expected term of options (years) | 6.00 | 5.95
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 September 30, |  | Nine Months Ended September 30,
|  |  |  |  | 2022 |  | 2021 |  | 2022 |  | 2021
Research and development |  |  |  |  | $ | 831,000 |  |  | $ | 456,000 |  |  | $ | 2,392,000 |  |  | $ | 1,279,000 |
General and administrative |  |  |  |  | 1,081,000 |  |  | 941,000 |  |  | 3,651,000 |  |  | 3,204,000 |
Total |  |  |  |  | $ | 1,912,000 |  |  | $ | 1,397,000 |  |  | $ | 6,043,000 |  |  | $ | 4,483,000 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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