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Equity-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Equity-based Compensation

Schedule of fair value of options granted using the Black-Scholes option pricing model

​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022		2021
Fair value of common stock	​	$3.05	​	$1.75
Expected volatility	​	91.29%	​	101.38% – 101.83%
Risk-free interest rate	​	2.36%	​	0.67% – 0.84%
Dividend yield	​	0.00%	​	0.00%
Expected term (years)	​	6.08	​	6.07 – 6.22

Summary of activity for options

​	​	​	​	​	​	​	​	​	​	​
​	​	Options Outstanding
​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	Weighted-		​	Aggregate		​	Average
​	​	​	​	Average		​	Intrinsic		​	Remaining
​	​	Number of	​	Exercise		​	Value		​	Contractual Life
​		Options		Price			(in 000’s)			(In Years)
Balance, December 31, 2021		5,640,438	​	$	4.19		$	12,002		8.0
Options granted		212,450	​	$	3.05		​	​		​
Options exercised		(348,552)	​	$	0.87		​	​		​
Options forfeited		(396,362)	​	$	11.75		​	​		​
Options expired		—	​	$	—		​	​		​
Balance, March 31, 2022		5,107,974	​	$	4.28	​	$	5,953		8.0
Exercisable as of March 31, 2022		3,044,481	​	$	2.17	​	$	4,845		6.9
Vested and expected to vest as of March 31, 2022		5,107,974	​	$	4.28	​	$	5,953		8.0

Schedule of total equity-based compensation expense

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
Research and development	​	$	234	​	$	21
General and administrative	​		767	​		77
Total equity-based compensation	​	$	1,001	​	$	98

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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