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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Stock Options | Total outstanding stock options as of June 30, 2022 was as follows:
|  | 2022 |
|  | Number of shares |  |  | Weighted average exercise price |
Outstanding at beginning of period |  |  | 5,322,591 |  |  | $ | 14.76 |
Granted |  |  | 2,883,567 |  |  | $ | 14.54 |
Exercised |  |  | (56,503 | ) |  | $ | 4.12 |
Cancelled or forfeited |  |  | (175,252 | ) |  | $ | 19.00 |
Outstanding at end of period |  |  | 7,974,403 |  |  | $ | 14.66 |
Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model | The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 2.92 | % |  |  | 0.92 | % |  |  | 2.00 | % |  |  | 0.72 | %
Expected terms (in years) |  |  | 5.59 |  |  |  | 5.59 |  |  |  | 5.97 |  |  |  | 5.99 |
Expected volatility |  |  | 78.85 | % |  |  | 76.44 | % |  |  | 78.55 | % |  |  | 75.59 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of Share-based Compensation Expense | Share-based compensation expense was allocated as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Research and development |  | $ | 2,440 |  |  | $ | 1,441 |  |  | $ | 4,751 |  |  | $ | 2,428 |
General and administrative |  |  | 2,305 |  |  |  | 1,742 |  |  |  | 4,749 |  |  |  | 2,812 |
Total share-based compensation expense |  | $ | 4,745 |  |  | $ | 3,183 |  |  | $ | 9,500 |  |  | $ | 5,240 |
Share-based compensation expense by type of award was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Stock options |  | $ | 4,695 |  |  | $ | 3,122 |  |  | $ | 9,407 |  |  | $ | 5,148 |
ESPP |  |  | 50 |  |  |  | 61 |  |  |  | 93 |  |  |  | 92 |
Total share-based compensation expense |  | $ | 4,745 |  |  | $ | 3,183 |  |  | $ | 9,500 |  |  | $ | 5,240 |

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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 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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