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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2022 and 2021 with the following weighted average assumptions:
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Risk-free interest rate |  | 1.71% - 4.17% |  | 0.4% - 1.1%
Expected term (in years) |  | 5.8 - 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 |  |  | 1,932,050 |  |  | $ | 5.00 |  |  |  |  |  |  |  |  |
Exercised |  |  | (31,848 | ) |  | $ | 0.86 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (79,872 | ) |  | $ | 6.35 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2022 |  |  | 5,655,948 |  |  | $ | 3.31 |  |  |  | 8.3 |  |  | $ | 39,818 |
Vested and exercisable at September 30, 2022 |  |  | 2,084,736 |  |  | $ | 1.75 |  |  |  | 7.1 |  |  | $ | 17,772 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
General and administrative |  | $ | 563 |  |  | $ | 254 |  |  | $ | 1,525 |  |  | $ | 412 |
Research and development |  |  | 277 |  |  |  | 50 |  |  |  | 648 |  |  |  | 145 |
Total stock-based compensation |  | $ | 840 |  |  | $ | 304 |  |  | $ | 2,173 |  |  | $ | 557 |

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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 Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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