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Share-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 | The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Employee |  | $ | 3,554 |  |  | $ | 3,278 |
Nonemployee |  |  | 836 |  |  |  | 354 |
|  | $ | 4,390 |  |  | $ | 3,632 |
Schedule of Stock-Based Compensation Expense | Share-based compensation expense is included in the following line items in the condensed consolidated statements of operations (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 2,012 |  |  | $ | 2,082 |
General and administrative |  |  | 2,378 |  |  |  | 1,550 |
|  | $ | 4,390 |  |  | $ | 3,632 |
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model | The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant as follows:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Estimated dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average expected stock price volatility |  |  | 78.47 | % |  |  | 73.69 | %
Weighted-average risk-free interest rate |  |  | 1.85 | % |  |  | 0.66 | %
Expected term of options (in years) |  |  | 6.08 |  |  |  | 6.43 |
Weighted-average fair value per option |  | $ | 2.73 |  |  | $ | 8.32 |
Summary of Activity of Option Plans | The following table summarizes activity in the Company’s stock option plans for the three months ended March 31, 2022:
|  | Outstanding Option Shares |  |  | Weighted-Average Exercise Price |
Balance as of January 1, 2022 |  |  | 9,920,314 |  |  | $ | 9.28 |
Granted |  |  | 2,938,074 |  |  |  | 3.98 |
Exercised |  |  | (233,001 | ) |  |  | 1.46 |
Forfeited/canceled |  |  | (739,815 | ) |  |  | 10.00 |
Balance as of March 31, 2022 |  |  | 11,885,572 |  |  | $ | 8.08 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity for the three months ended March 31, 2022:
|  | RSU Awards |  |  | Weighted-Average Grant Date Fair Value |
Unvested RSUs as of January 1, 2022 |  |  | 773,503 |  |  |  | 11.29 |
Granted |  |  | 1,620,098 |  |  | $ | 3.88 |
Forfeited |  |  | (49,031 | ) |  |  | 10.44 |
Vested |  |  | — |  |  |  | — |
Unvested RSUs as of March 31, 2022 |  |  | 2,344,570 |  |  | $ | 6.19 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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 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 S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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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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