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Stock Compensation (Tables)

9 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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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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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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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.

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