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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activities |
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Terms (in years) |  |  | Aggregate Intrinsic Values (in thousands) |
Balance as of December 31, 2020 |  |  | 435,342 |  |  | $ | 0.52 |  |  |  | 9.19 |  |  | $ | 415 |
Options granted |  |  | 2,386,990 |  |  |  | 3.11 |  |  |  |  |  |  |
Options cancelled and forfeited |  |  | (25,551 | ) |  |  | 1.86 |  |  |  |  |  |  |
Options exercised |  |  | (59,466 | ) |  |  | 1.86 |  |  |  |  |  |  | 150 |
Balance as of September 30, 2021 |  |  | 2,737,315 |  |  | $ | 2.74 |  |  |  | 9.33 |  |  | $ | 41,727 |
Vested and expected to vest, September 30, 2021 |  |  | 2,737,315 |  |  | $ | 2.74 |  |  |  | 9.33 |  |  | $ | 41,727 |
Options exercisable as of September 30, 2021 |  |  | 206,339 |  |  | $ | 0.31 |  |  |  | 8.39 |  |  | $ | 3,646 |
Summary of Assumptions Used in Black-Scholes Model | The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the nine months ended September 30, 2021:
Expected term (in years) |  | 5.80 - 6.08
Expected volatility |  | 78.25% - 79.57%
Risk-free interest rate |  | 0.94% - 1.13%
Expected dividend yield |  | 0.00%
Summary of Restricted Stock Awards | The activity for restricted stock awards is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2020 |  |  | 66,681 |  |  | $ | 1.00 |
Granted |  |  | 297,724 |  |  |  | 8.55 |
Vested |  |  | (15,766 | ) |  |  | 1.42 |
Unvested at September 30, 2021(1) |  |  | 348,639 |  |  |  | 7.03 |
(1) Includes 21,750 restricted stock awards granted in 2018 and still outstanding for the period ended September 30, 2021, subject to only performance conditions.
Summary of Share-based Compensation Expense | The following table sets forth stock-based compensation for stock options, restricted stock awards, and performance awards included in the Company’s consolidated statements of operations and comprehensive loss (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Research and development expense |  | $ | 297 |  |  | $ | 45 |  |  | $ | 626 |  |  | $ | 220 |
General and administrative expense |  |  | 939 |  |  |  | 4 |  |  |  | 1,957 |  |  |  | 14 |
Total stock-based compensation expense |  | $ | 1,236 |  |  | $ | 49 |  |  | $ | 2,583 |  |  | $ | 234 |

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