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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its accompanying audited statements of operations and comprehensive loss (amounts in thousands):

			Year Ended December 31,
			2021						2020
Research and development			$	2,200					$	531
General and administrative			3,267						735
Total stock-based compensation			$	5,467					$	1,266

Schedule of option activity

The following table summarizes option activity under the 2020 Plan and the 2016 Stock Incentive Plan:

			Options						Weighted Average Exercise Price						Weighted Average Remaining Life (Years)
Balance at January 1, 2021			2,742,022						$	7.95					8.82
Granted			325,671						23.60
Exercised			(557,609)						3.40
Forfeited			(61,408)						12.13
Balance at December 31, 2021			2,448,676						$	10.96					8.08
Vested and expected to vest			2,418,923						$	10.88					8.07
Exercisable at the end of the period			1,259,440						$	6.44					7.55

Schedule of valuation assumptions

The grant-date fair value of options granted under the Company’s 2020 Plan were estimated throughout the year using the Black-Scholes option-pricing model using the following weighted-average assumptions:

			Year Ended December 31,
			2021						2020
Expected term - years			6.08						5.94
Expected volatility			81.4		%				75.3		%
Risk-free interest rate			1.1		%				0.5		%
Expected dividends			—						—

The grant-date fair value of shares issued under the Company’s 2020 ESPP were estimated throughout the year using the Black-Scholes option-pricing model using the following weighted-average assumptions:

			Year Ended December 31,
			2021						2020
Expected term - years			0.50						0.00
Expected volatility			81.3		%				—		%
Risk-free interest rate			0.9		%				—		%
Expected dividends			—						—

Schedule of restricted stock activity

The following table summarizes the activity relating to these shares:

			Awards
Outstanding at December 31, 2020			11,752
Vested			(11,752)
Outstanding at December 31, 2021			—

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

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