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Stock-Based Compensation (Tables)

3 Months Ended

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

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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