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Stock Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following tables summarize the stock-based compensation expense for stock options and restricted stock awards granted to employees and nonemployees that was recorded in the Company’s statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Research and development |  | $ | 313 |  |  | $ | — |  |  | $ | 606 |  |  | $ | 4 |
General and administrative |  |  | 620 |  |  |  | 55 |  |  |  | 1,444 |  |  |  | 184 |
Total stock-based compensation expense |  | $ | 933 |  |  | $ | 55 |  |  | $ | 2,050 |  |  | $ | 188 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Employees |  | $ | 776 |  |  | $ | 53 |  |  | $ | 1,878 |  |  | $ | 182 |
Nonemployees |  |  | 157 |  |  |  | 2 |  |  |  | 172 |  |  |  | 6 |
Total stock-based compensation expense |  | $ | 933 |  |  | $ | 55 |  |  | $ | 2,050 |  |  | $ | 188 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted during the three and nine months ended September 30, 2021 and 2020 was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions. There were no stock options granted during the three months ended September 30, 2020.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2021 |  | 2020
Expected term (in years) |  | 6.1 |  | 5.5 – 6.1 |  | 5.5 – 6.1
Expected volatility |  | 75.4% – 75.8% |  | 75.4% – 76.6% |  | 74.0% – 75.7%
Risk-free rate |  | 0.9% – 1.0% |  | 0.6% – 1.1% |  | 0.4% – 1.7%
Dividend yield |  | — |  | — |  | —
Summary of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity under the 2017 EIP and 2021 EIP was as follows:
|  | NUMBER OF OPTIONS |  |  | WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE |  |  | WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS) |  |  | AGGREGATE INTRINSIC VALUE (000s) |
Balance – December 31, 2020 |  |  | 1,855,507 |  |  | $ | 2.99 |  |  |  | 9.79 |  |  | $ | 8 |
Granted |  |  | 1,188,064 |  |  |  | 8.98 |  |  |  |  |  |  |
Exercised |  |  | (145,805 | ) |  |  | 3.77 |  |  |  |  |  |  |
Cancelled and forfeited |  |  | (3,095 | ) |  |  | 9.38 |  |  |  |  |  |  |
Balance – September 30, 2021 |  |  | 2,894,671 |  |  |  | 5.43 |  |  |  | 9.35 |  |  | $ | 34,521 |
Options exercisable – September 30, 2021 |  |  | 82,944 |  |  |  | 3.42 |  |  |  | 8.96 |  |  | $ | 1,155 |
Vested and expected to vest –September 30, 2021 |  |  | 2,894,671 |  |  | $ | 5.43 |  |  |  | 9.35 |  |  | $ | 34,521 |
Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes the activity for the Company’s restricted stock for the nine months ended September 30, 2021.
|  | NUMBER OF SHARES |
Unvested as of December 31, 2020 |  |  | 41,363 |
Vested |  |  | (37,226 | )
Unvested as of September 30, 2021 |  |  | 4,137 |

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- Definition 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. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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