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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Option Activity Under Company's Equity Incentive Plans

The following table summarizes stock option activity under the Company’s 2018 Plan and related information:

 

 

 

 

Number of

Shares

Underlying

Outstanding

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Term

(Years)

 

 

Aggregate

Intrinsic

Value

(thousands)

 

Outstanding — December 31, 2019

 

 

1,577,541

 

 

$

10.85

 

 

 

8.15

 

 

$

1,350

 

Options granted

 

 

1,091,250

 

 

 

6.26

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(44,605

)

 

 

5.04

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(250,641

)

 

 

10.32

 

 

 

 

 

 

 

 

 

Options expired

 

 

(17,930

)

 

 

51.12

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2020

 

 

2,355,615

 

 

$

8.59

 

 

 

7.96

 

 

$

1,337

 

Options granted

 

 

1,493,238

 

 

 

5.31

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(5,000

)

 

 

4.63

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(1,239,630

)

 

 

6.26

 

 

 

 

 

 

 

 

 

Options expired

 

 

(593

)

 

 

566.33

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2021

 

 

2,603,630

 

 

$

7.70

 

 

 

7.46

 

 

$

 

Exercisable — December 31, 2021

 

 

1,513,039

 

 

$

9.37

 

 

 

6.35

 

 

$

 

Shares available to be granted — December 31,

   2021

 

 

3,333,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options The fair value of employee stock options was estimated using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.00

 

 

 

5.81

 

Risk-free interest rate

 

 

0.84

%

 

 

0.91

%

Dividend yield

 

 

 

 

 

 

Volatility

 

 

93.25

%

 

 

113.36

%

 

 

Summary of Stock-Based Compensation Recognized

Total stock-based compensation recognized was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Research and development

 

$

1,202

 

 

$

1,487

 

General and administrative (1)

 

 

2,203

 

 

 

2,140

 

Total stock-based compensation

 

$

3,405

 

 

$

3,627

 

 

(1)

Included in general and administrative stock-based compensation for the years ended December 31, 2021 and 2020 is $0.3 million and $0.3 million in expense related to 56,912 shares and 51,056 shares of common stock, respectively, issued to certain board members in lieu of their cash compensation.