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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation

Schedule of fair value assumptions

​

​	​	​	​	​	​	​
​	​	March 31,		​	March 31,
​	​	2022		​	2021
Risk-free interest rate		​	1.69%		​	0.43%
Expected term (in years)	​	​	6.06	​	​	5.93
Expected volatility	​	​	79.17%	​	​	77.34%
Expected dividend yield			—	​	​	—

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	Weighted		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	​	​
​	​	Number of	​	Exercise		​	Contractual	​	Aggregate
​	​	Shares	​	Price		​	Term	​	Intrinsic Value
​	​	​	​	​		​	(in years)	​	(in thousands)
Outstanding as of December 31, 2021		5,768,028		$	15.99		8.82		$	11,365
Granted	​	2,663,650	​	​	7.07	​	​	​	​	—
Exercised(1)	​	(22,744)	​	​	4.02	​	—	​	​	—
Forfeited	​	(40,581)	​	​	22.39	​	—	​	​	—
Outstanding as of March 31, 2022(2)	​	8,368,353	​	$	13.16	​	8.76	​	$	1,031
​	​	​	​	​	​	​	​	​	​	​
Options vested and exercisable as of March 31, 2022	​	2,138,539	​	$	13.44	​	8.29	​	$	710
Options expected to vest as of March 31, 2022	​	6,229,814	​	$	13.06	​	8.92	​	$	321

​

(1) Exercised amount includes vesting of early exercised options.

(2) Balance as of March 31, 2022 includes 39,609 unvested early exercised stock options.

Summary of restricted stock activity

​

​	​	​	​	​	​	​
​	​	​	Number of Shares	​	Grant Date Fair Value
Unvested restricted stock as of December 31, 2021		​	493,185		$	2.40
Granted	​	​	—	​	​	—
Vested	​	​	(49,318)	​	​	2.40
Forfeited	​	​	—	​	​	—
Unvested restricted stock as of March 31, 2022		​	443,867	​	$	2.40

Schedule of stock-based compensation expense

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2022		​	2021
Research and development		$	3,067		$	1,734
General and administrative			1,898	​	​	1,474
Total		$	4,965	​	$	3,208

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