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Stock-Based Compensation (Tables)

3 Months Ended

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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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.

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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.

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