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Stock Option Plan and Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Significant Assumptions | The significant assumptions used in these calculations are summarized as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Expected term (in years) | 5.3 - 6.1 |  | 5.6 - 6.1 |  | 5.3 - 6.1 |  | 5.5 - 6.6
Expected volatility | 105.2% - 109.1% |  | 93.0% - 93.7% |  | 105.2% - 110.0% |  | 92.0% - 94.2%
Expected dividend rate | 0.0 | % |  | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Risk free interest rate | 2.80% - 3.36% |  | 0.91% - 1.02% |  | 1.73% - 3.36% |  | 0.53% - 1.02%
Stock price | $2.70 - $4.72 |  | $10.10 - $11.16 |  | $2.70 - $4.72 |  | $7.56 - $11.16
Schedule of Stock Option Activity | The following table summarizes option award activity during the six months ended June 30, 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 | 4,037,863 |  |  | $ | 3.81 |  |  |  |  |
Exercised | (211,309) |  |  | $ | 0.89 |  |  |  |  |
Forfeited | (725,836) |  |  | $ | 8.11 |  |  |  |  |
Outstanding as of June 30, 2022 | 11,650,794 |  |  | $ | 4.21 |  |  | 8.8 |  | $ | 7,964 |
Options vested and expected to vest as of June 30, 2022 | 11,650,794 |  |  | $ | 4.21 |  |  |  |  |
Vested and exercisable at June 30, 2022 | 3,279,223 |  |  | $ | 3.59 |  |  | 7.7 |  | $ | 4,474 |
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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Research and development | $ | 975 |  |  | $ | 666 |  |  | $ | 1,843 |  |  | $ | 1,163 |
General and administrative | 1,592 |  |  | 1,154 |  |  | 2,834 |  |  | 1,993 |
Total stock-based compensation expense | $ | 2,567 |  |  | $ | 1,820 |  |  | $ | 4,677 |  |  | $ | 3,156 |

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- Definition 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. + 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 (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + 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 (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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