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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Stock-Based Compensation |
Summary of common stock reserved for future issuance | ​
​ | ​ | ​
​ |  | Shares
​ | ​ | Reserved
Common stock options outstanding |  | 4,262,702
Unvested restricted stock units | ​ | 279,500
Available for future grants under the 2021 Equity Incentive Plan |  | 2,165,387
Available for future grants under the 2021 Employee Stock Purchase Plan | ​ | 479,012
Available for future grants outside of the 2021 Plan as inducement award | ​ | 100,000
Total shares of common stock reserved |  | 7,286,601
Summary of the Company's stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding | ​ | Weighted- Average Exercise Price | ​ | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at December 31, 2021 | ​ | 4,215,643 | ​ | $ | 5.49 | ​ | 8.5 | ​ | ​
Granted | ​ | 233,600 | ​ | $ | 6.80 | ​ | ​ | ​ | ​
Exercised | ​ | (713) | ​ | $ | 3.45 | ​ | ​ | ​ | ​
Forfeited/Expired |  | (185,828) |  | $ | 6.48 |  |  | ​ | ​
Outstanding at March 31, 2022 |  | 4,262,702 |  | $ | 5.52 |  | 8.0 | $ | 379
Vested at March 31, 2022 |  | 1,490,020 |  | $ | 4.20 |  | 6.4 | $ | 368
Exercisable at March 31, 2022 |  | 2,703,228 |  | $ | 4.49 |  | 7.2 | $ | 375
Summary of weighted-average assumptions to determine the fair value of the employee stock option | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |
​ | ​ | Three Months Ended March 31, |
​ |  | 2022 |  | ​ | 2021 |
Risk-free interest rate |  | 1.8 | % | ​ | 0.7 | %
Expected volatility |  | 85.2 | % | ​ | 71.2 | %
Expected term (in years) |  | 6.0 |  | ​ | 5.9 | ​
Expected dividend yield |  | — | % | ​ | — | %
Summary of PSU activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | Number of | ​ | Average Grant Date
​ | ​ | PSUs | ​ | Fair Value
Outstanding at December 31, 2021 | ​ | 299,500 | ​ | $ | 6.32
Granted | ​ | 10,000 | ​ | ​ | 8.98
Released | ​ | — | ​ | ​ | —
Cancelled | ​ | (30,000) | ​ | ​ | 6.69
Outstanding at March 31, 2022 | ​ | 279,500 | ​ | $ | 6.37
Summary of Non-cash stock-based compensation expense recorded | The following table summarizes stock compensation expense, including expense associated with award modifications for unvested options, reflected in the unaudited consolidated statements of operations and comprehensive loss (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | ​
​ | Three Months Ended March 31,
​ | 2022 |  | 2021
Research and development | $ | 387 | ​ | $ | 364
General and administrative | ​ | 720 | ​ | ​ | 107
Total | $ | 1,107 | ​ | $ | 471

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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 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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