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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Total Compensation Expense | The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 1,069 |  |  | $ | 535 |  |  | $ | 2,066 |  |  | $ | 948 |
General and administrative |  |  | 886 |  |  |  | 727 |  |  |  | 1,789 |  |  |  | 1,199 |
Total |  | $ | 1,955 |  |  | $ | 1,262 |  |  | $ | 3,855 |  |  | $ | 2,147 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the six months ended June 30, 2022:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (thousands) |
Outstanding as of December 31, 2021 |  |  | 5,822,373 |  |  | $ | 7.17 |  |  |  | 8.27 |  |  | $ | 33,275 |
Granted |  |  | 1,504,465 |  |  |  | 8.47 |  |  |  |  |  |  |
Exercised |  |  | (276,943 | ) |  |  | 3.86 |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (468,869 | ) |  |  | 8.03 |  |  |  |  |  |  |
Outstanding as of June 30, 2022 |  |  | 6,581,026 |  |  | $ | 7.54 |  |  |  | 8.07 |  |  | $ | 2,123,446 |
Vested or expected to vest as of June 30, 2022 |  |  | 6,581,026 |  |  | $ | 7.54 |  |  |  | 8.07 |  |  | $ | 2,123,446 |
Options exercisable as of June 30, 2022 |  |  | 2,532,151 |  |  | $ | 5.02 |  |  |  | 6.65 |  |  | $ | 1,981,985 |
Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing | The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  | 3.01% - 3.03% |  |  | 1.03% - 1.07% |  |  | 1.67 - 3.03% |  |  | 0.88% - 1.07% |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected option term (in years) range |  | 5.5 - 6.08 |  |  | 6.0 - 6.08 |  |  | 5.15 - 6.08 |  |  | 6.0 - 6.08 |
Expected stock price volatility |  | 0.85% |  |  | 69.76% - 70.03% |  |  | 0.84% - 0.85% |  |  | 69.76% - 73.30% |

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 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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