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Common Stock and Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Common Stock Shares Reserved for Issuance | As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following:
|  | September 30, 2022 |  |  | December 31, 2021 |
Options outstanding under incentive award plans |  |  | 4,760,085 |  |  |  | 3,577,485 |
Unvested restricted stock units |  |  | 100,880 |  |  |  | — |
Shares available for future grant under incentive award plans |  |  | 1,108,605 |  |  |  | 1,138,622 |
Shares available for future grant under employee stock purchase plans |  |  | 408,134 |  |  |  | 240,000 |
Shares available for future grant under employment inducement award plans |  |  | 1,400,000 |  |  |  | — |
Pre-funded warrants |  |  | 14,630,000 |  |  |  | — |
Total shares reserved |  |  | 22,407,704 |  |  |  | 4,956,107 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for all stock plans during the nine months ended September 30, 2022:
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding as of December 31, 2021 |  |  | 3,577,485 |  |  | $ | 9.72 |  |  |  | 9.09 |  |  | $ | 491 |
Granted |  |  | 1,330,020 |  |  |  | 4.32 |  |  |  |  |  |  |
Exercised |  |  | (10,000 | ) |  |  | 0.00 |  |  |  |  |  |  | 21 |
Forfeited |  |  | (137,420 | ) |  |  | 9.23 |  |  |  |  |  |  |
Outstanding as of September 30, 2022 |  |  | 4,760,085 |  |  | $ | 8.24 |  |  |  | 8.69 |  |  | $ | 2,435 |
Exercisable, September 30, 2022 |  |  | 2,380,117 |  |  | $ | 9.10 |  |  |  | 8.18 |  |  | $ | 131 |
Vested and expected to vest, September 30, 2022 |  |  | 4,760,085 |  |  | $ | 8.24 |  |  |  | 8.69 |  |  | $ | 2,435 |
Schedule of Stock Options Weighted Average Assumptions | The Company estimated the fair value of options granted and rights to acquire stock granted under the Company’s employee stock purchase plan using a Black-Scholes option pricing model with the following assumptions presented on a weighted average basis:
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Stock Option Plans |  |  |  |  |  |
Expected term (years) |  |  | 5.99 |  |  |  | 6.03 |
Expected volatility |  |  | 72.69 | % |  |  | 76.59 | %
Risk-free interest rate |  |  | 2.21 | % |  |  | 1.12 | %
Fair value of underlying common stock |  | $ | 4.32 |  |  | $ | 11.92 |
Weighted average grant-date fair value per share |  | $ | 2.82 |  |  | $ | 7.87 |
Employee Stock Purchase Plans |  |  |  |  |  |
Expected term (years) |  |  | 0.75 |  |  |  | — |
Expected volatility |  |  | 70.86 | % |  |  | — | %
Risk-free interest rate |  |  | 1.89 | % |  |  | — | %
Fair value of underlying common stock |  | $ | 1.66 |  |  | $ | — |
Weighted average grant-date fair value per share |  | $ | 0.65 |  |  | $ | — |
Summary of Restricted Stock Award Activity | The following table summarizes the RSU activity for all stock plans during the nine months ended September 30, 2022:
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Unvested restricted stock units as of December 31, 2021 |  |  | — |  |  | $ | — |
Granted |  |  | 117,750 |  |  |  | 3.27 |
Forfeited |  |  | (16,870 | ) |  |  | 3.36 |
Unvested restricted stock units as of September 30, 2022 |  |  | 100,880 |  |  | $ | 3.26 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development expense |  | $ | 795 |  |  | $ | 401 |  |  | $ | 2,252 |  |  | $ | 1,374 |
General and administrative expense |  |  | 1,891 |  |  |  | 1,454 |  |  |  | 5,829 |  |  |  | 4,222 |
Total stock-based compensation expense |  | $ | 2,686 |  |  | $ | 1,855 |  |  | $ | 8,081 |  |  | $ | 5,596 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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