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Stock-based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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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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