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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Schedule of Stock-Based Compensation Expense Recorded in Statements of Operations | The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations:
|  | Three Months Ended March 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Research and development |  | $ | 3,200 |  |  | $ | 1,840 |
General and administrative |  |  | 3,629 |  |  |  | 2,046 |
|  | $ | 6,829 |  |  | $ | 3,886 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the periods indicated:
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual term (years) |
Outstanding at January 1, 2022 |  |  | 7,179,482 |  |  | $ | 15.36 |  |  |  | 8.66 |
Granted |  |  | 1,646,416 |  |  | $ | 10.60 |  |  |  |  |
Exercised |  |  | (93,032 | ) |  | $ | 1.64 |  |  |  |  |
Forfeited |  |  | (191,849 | ) |  | $ | 17.86 |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 8,541,017 |  |  | $ | 14.54 |  |  |  | 8.70 |
Exercisable at March 31, 2022 |  |  | 2,285,520 |  |  | $ | 8.08 |  |  |  | 7.85 |
Summary of Information about Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2022 under the Plan:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$0.31 - $5.99 |  |  | 2,213,458 |  |  |  | 7.52 |  |  | $ | 1.80 |  |  |  | 1,300,092 |  |  | $ | 1.76 |
$6.00 - $11.72 |  |  | 1,625,800 |  |  |  | 9.88 |  |  |  | 10.58 |  |  |  | 2,250 |  |  |  | 10.09 |
$11.73 - $13.04 |  |  | 2,392,956 |  |  |  | 8.42 |  |  |  | 12.85 |  |  |  | 893,074 |  |  |  | 12.85 |
$13.05 - $31.13 |  |  | 607,804 |  |  |  | 9.48 |  |  |  | 20.34 |  |  |  | 11,469 |  |  |  | 15.72 |
$31.14 - $88.98 |  |  | 1,700,999 |  |  |  | 9.23 |  |  |  | 35.21 |  |  |  | 78,635 |  |  |  | 57.34 |
|  |  | 8,541,017 |  |  |  |  |  |  |  |  |  |  |  | 2,285,520 |  |  |  |  |
Schedule of Fair Value of Each Option Estimated on Date of Grant Using Weighted Average Assumptions | The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Expected volatility |  |  | 84.57 | % |  |  | 117.13 | %
Risk-free interest rate |  |  | 1.97 | % |  |  | 0.76 | %
Expected life (in years) |  |  | 6.06 |  |  |  | 6.06 |
Expected dividend yield |  |  | — |  |  |  | — |
Summary of Activity related to RSA Stock-Based Payment Awards | The following table summarizes activity related to RSA stock-based payment awards:
|  | Number of shares |  |  | Weighted-average grant date fair value |
Unvested balance at January 1, 2022 |  |  | 611,608 |  |  | $ | 2.29 |
Vested |  |  | (96,967 | ) |  | $ | 2.08 |
Unvested balance at March 31, 2022 |  |  | 514,641 |  |  | $ | 2.33 |

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