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Stock Option Plan and Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Significant Assumptions

The significant assumptions used in these calculations are summarized as follows:

			Three Months Ended March 31,
			2022						2021
Expected term (in years)			5.8 - 6.1						5.5 - 6.6
Expected volatility			109.0% - 110.0%						92.0% - 94.2%
Expected dividend rate			0.0		%				0.0		%
Risk free interest rate			1.73% - 2.42%						0.53% - 0.73%
Stock price			$3.78 - $4.24						$7.56 - $10.00

Schedule of Stock Option Activity

The following table summarizes option award activity during the three months ended March 31, 2022:

			Number of Stock Option Awards						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021			8,550,076						$	4.66
Granted			1,948,998						$	3.83
Exercised			(153,570)						$	1.02
Forfeited			(374,257)						$	8.34
Outstanding as of March 31, 2022			9,971,247						$	4.41					8.8						$	16,544
Options vested and expected to vest as of March 31, 2022			9,971,247						$	4.41
Vested and exercisable at March 31, 2022			2,759,100						$	3.01					7.8						$	7,569

Schedule of Stock Based Compensation Expense

The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s condensed consolidated statement of operations:

			Three Months Ended March 31,
(in thousands)			2022						2021
Research and development			$	867					$	497
General and administrative			1,243						839
Total stock-based compensation expense			$	2,110					$	1,336

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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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-Name Accounting Standards Codification
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-Section 50
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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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Tabular disclosure of the change in stock options.

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