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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 1,888 |  |  | $ | 825 |  |  | $ | 3,574 |  |  | $ | 2,413 |
General and administrative |  |  | 2,447 |  |  |  | 1,834 |  |  |  | 5,111 |  |  |  | 3,289 |
Total stock-based compensation |  | $ | 4,335 |  |  | $ | 2,659 |  |  | $ | 8,685 |  |  | $ | 5,702 |
Summary of Stock Option Activity | Stock Options A summary of stock option activity for six months ended June 30, 2022 is set forth below:
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, December 31, 2021 |  |  | 3,875,317 |  |  | $ | 14.08 |  |  |  | 8.85 |  |  | $ | 13,212 |
Options authorized |  |  |  |  |  |  |  |  |  |  |  |
Options granted |  |  | 1,992,500 |  |  | $ | 14.18 |  |  |  |  |  |  |
Options exercised |  |  | (27,953 | ) |  | $ | 9.95 |  |  |  |  |  |  |
Options forfeited or cancelled |  |  | (92,020 | ) |  | $ | 12.68 |  |  |  |  |  |  |
Outstanding, June 30, 2022 |  |  | 5,747,844 |  |  | $ | 14.16 |  |  |  | 8.74 |  |  | $ | 7,050 |
Options exercisable, June 30, 2022 |  |  | 1,714,774 |  |  | $ | 13.99 |  |  |  | 8.34 |  |  | $ | 2,627 |
Vested and expected to vest, June 30, 2022 |  |  | 5,747,844 |  |  | $ | 14.16 |  |  |  | 8.74 |  |  | $ | 7,050 |
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model | The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Fair value of common stock |  | $11.49 - $14.74 |  | $10.29 - $15.93 |  | $11.49 - $19.97 |  | $10.29 - $16.82
Expected term (years) |  | 5.5 - 6.1 |  | 0.9 - 6.1 |  | 5.5 - 6.1 |  | 0.9 - 6.1
Volatility |  | 77.4% - 79.8% |  | 77.9% - 78.6% |  | 77.4% - 79.8% |  | 77.9% - 79.8%
Risk free rates |  | 2.8% - 3.0% |  | 0.1% - 1.1% |  | 1.6% - 3.0% |  | 0.1% - 1.1%
Dividend rate |  | 0.0% |  | 0.0% |  | 0.0% |  | 0.0%
Summary of Restricted Stock Unit Activity | The summary of RSU activity and related information for the six months ended June 30, 2022 is set forth below:
|  | Number of Units Outstanding |  |  | Weighted- Average Grant Date Fair Value |
Outstanding, December 31, 2021 |  |  | 771,660 |  |  | $ | 7.84 |
RSUs granted |  |  | — |  |  |  | — |
RSUs Vested |  |  | (224,000 | ) |  | $ | 8.02 |
RSUs forfeited |  |  | (10,500 | ) |  | $ | 7.12 |
Outstanding, June 30, 2022 |  |  | 537,160 |  |  | $ | 7.76 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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