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Stock Option Plan and Stock-based Compensation (Tables)
 6 Months Ended
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,
2022202120222021
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 rate0.0 %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 AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021
8,550,076 $4.66 
Granted4,037,863 $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)2022202120222021
Research and development$975 $666 $1,843 $1,163 
General and administrative1,592 1,154 2,834 1,993 
Total stock-based compensation expense$2,567 $1,820 $4,677 $3,156