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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions Used for Valuation of Fair Value of Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the three months ended March 31, 2022 and 2021 with the following weighted average assumptions:

		Three Months Ended March 31,
		2022		2021
Risk-free interest rate		1.71%		0.4% - 0.5%
Expected term (in years)		6.1		5.3 - 6.1
Expected volatility		90%		90%
Expected dividend yield		0%		0%

Summary of Stock Option Activity

The following table reflects summarized stock option activity:

		Stock Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021			3,835,618			$	2.51
Granted			1,104,550				5.19
Forfeited			(18,149	)			1.19
Outstanding at March 31, 2022			4,922,019			$	3.11				8.6			$	9,562
Vested and exercisable at March 31, 2022			1,755,794			$	1.54				7.5			$	4,805

Summary of Share-Based Compensation Expense Related to Stock Options

The Company recorded stock-based compensation expense related to stock options in the following expense categories of its condensed statements of operations for the periods shown (in thousands):

		Three Months Ended March 31,
		2022				2021
General and administrative		$	453			$	79
Research and development			166				47
Total stock-based compensation		$	618			$	126

X

- Definition

Tabular disclosure of share-based payment arrangement.

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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 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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