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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
Stock-based Compensation Expense Recognized | Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Research and development | $ | 806 |  |  | $ | 212 |  |  | $ | 1,587 |  |  | $ | 352 |
General and administrative | 971 |  |  | 569 |  |  | 1,935 |  |  | 968 |
Total stock-based compensation | $ | 1,777 |  |  | $ | 781 |  |  | $ | 3,522 |  |  | $ | 1,320 |
Restricted Stock Awards Activity | The following table summarizes RSA activity during the six months ended June 30, 2022 (in thousands, except per share amounts):
| Shares/Units |  | Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021 | 295 |  |  | $ | 1.35 |
Granted | — |  |  | $ | — |
Vested | (117) |  |  | $ | 1.33 |
Forfeited | — |  |  | $ | — |
Unvested at June 30, 2022 | 178 |  | $ | 1.36 |
The following table summarizes RSU activity during the six months ended June 30, 2022 (in thousands, except per share amounts):
| Shares/Units |  | Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021 | — |  |  | $ | — |
Granted | 259 |  |  | $ | 4.97 |
Vested | — |  |  | $ | — |
Forfeited | (23) |  |  | $ | 4.97 |
Unvested at June 30, 2022 | 236 |  | $ | 4.97 |
Weighted -average Valuation Assumptions | The fair value of stock options granted during the three and six months ended June 30, 2022 and 2021 was calculated on the date of grant using the following weighted-average assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Risk-free interest rate | 3.0 | % |  | 1.1 | % |  | 1.9 | % |  | 1.0 | %
Expected term (in years) | 5.8 |  | 6.0 |  | 6.0 |  | 6.0
Dividend yield | — | % |  | — | % |  | — | % |  | — | %
Expected volatility | 77.5 | % |  | 78.9 | % |  | 76.3 | % |  | 79.3 | %
Summary of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2022 (in thousands, except per share amounts):
| Options Outstanding
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years)
Outstanding at December 31, 2021 | 3,266 |  |  | $ | 8.24 |  |  | 9.02
Granted | 1,247 |  |  | $ | 9.37 |  |  |
Exercised | (47) |  |  | $ | 2.81 |  |  |
Cancelled | (83) |  |  | $ | 7.25 |  |  |
Outstanding at June 30, 2022 | 4,383 |  |  | $ | 8.64 |  |  | 8.78
Exercisable at June 30, 2022 | 1,165 |  |  | $ | 7.40 |  |  | 8.29

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + 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 (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition 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. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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