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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2022
Summary of Unvested Shares | A summary of the Company’s unvested shares is as follows:
Balance at December 31, 2021 |  |  | 1,144,809 |
Share vesting |  |  | (445,185 | )
Balance at June 30, 2022 |  |  | 699,624 |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consists of the following:
|  | June 30, 2022 |
Common stock warrants |  |  | 91,228 |
Stock options, PSUs and RSUs outstanding |  |  | 6,624,915 |
Shares available for issuance under the 2019 Incentive Plan |  |  | 1,311,660 |
Shares available for issuance under the ESPP Plan |  |  | 802,085 |
Balance at June 30, 2022 |  |  | 8,829,888 |
Summary of PSU Activity Under the 2019 Incentive Award Plan | The following table summarizes PSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2022.
|  | Number of Stock Units |  |  | Weighted- Average Grant Date Fair Value Per Share |
Unvested balance at December 31, 2021 |  |  | 394,300 |  |  | $ | 32.23 |
Granted |  |  | 37,500 |  |  |  | 20.06 |
Vested |  | - |  |  | - |
Forfeited |  |  | (11,250 | ) |  |  | 38.14 |
Unvested balance at June 30, 2022 |  |  | 420,550 |  |  | $ | 30.99 |
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards | The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:
|  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
Assumptions: |  |  |  |  |  |
Expected term (in years) |  |  | 0.49 |  |  |  | 0.75 |
Expected volatility |  |  | 72.41 | % |  |  | 81.83 | %
Risk free interest rate |  |  | 0.37 | % |  |  | 0.10 | %
Dividend yield |  | - |  |  | - |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information is as follows:
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2021 |  |  | 4,186,729 |  |  | $ | 27.53 |  |  |  | 8.43 |  |  | $ | 13,973 |
Options granted |  |  | 1,520,297 |  |  |  | 14.76 |  |  |  |  |  |  |
Options exercised and shares vested |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options forfeited, expired or cancelled |  |  | (89,548 | ) |  |  | 32.99 |  |  |  |  |  |  |
Balance at June 30, 2022 |  |  | 5,617,478 |  |  | $ | 23.99 |  |  |  | 8.34 |  |  | $ | 1,435 |
Options exercisable as of June 30, 2022 |  |  | 2,013,657 |  |  | $ | 24.74 |  |  |  | 7.57 |  |  | $ | 838 |
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options | The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:
|  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
Assumptions: |  |  |  |  |  |
Expected term (in years) |  |  | 6.05 |  |  |  | 6.04 |
Expected volatility |  |  | 66.04 | % |  |  | 67.38 | %
Risk free interest rate |  |  | 1.89 | % |  |  | 0.64 | %
Dividend yield |  |  | — |  |  |  | — |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development expense |  | $ | 1,319 |  |  | $ | 1,027 |  |  | $ | 2,458 |  |  | $ | 1,886 |
General and administrative expense |  |  | 4,566 |  |  |  | 3,210 |  |  |  | 9,202 |  |  |  | 6,169 |
Total |  | $ | 5,885 |  |  | $ | 4,237 |  |  | $ | 11,660 |  |  | $ | 8,055 |
Restricted Stock Units (RSUs) |
Summary of Unvested Shares | The following table summarizes RSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2022.
|  | Number of Stock Units |  |  | Weighted- Average Grant Date Fair Value Per Share |
Unvested balance at December 31, 2021 |  |  | - |  |  | $ | - |
Granted |  |  | 590,937 |  |  |  | 11.66 |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | (4,050 | ) |  |  | 15.21 |
Unvested balance at June 30, 2022 |  |  | 586,887 |  |  | $ | 11.64 |

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