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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation Expense Classification in Statement of Operations

Equity-based compensation expense is classified in the statements of operations as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Research and development expense			$	427					$	247					$	1,045					$	607
General and administrative expense			462						371						1,125						996
			$	889					$	618					$	2,170					$	1,603

Assumptions Used to Determine Fair Value of Common Stock Option Grants

In addition to an assumption on the expected term of the option grants as discussed below, application of the Black-Scholes model requires additional inputs for which we have assumed the values described in the table below:

			Nine Months Ended September 30,
			2021						2020
Expected term			5.0 to 6.1 years						5.2 to 6.1 years
Risk-free interest rate			0.36% to 1.12%; weighted avg. 1.05%						0.31% to 1.68%; weighted avg. 0.61%
Expected volatility			81.7% to 83.6%; weighted avg. 82.6%						81.0% to 85.8%; weighted avg. 83.8%
Forfeiture rate			5		%				5		%
Expected dividend yield			—		%				—		%

The fair value of the underlying common stock and the exercise price for the common stock options granted during the nine months ended September 30, 2021 and 2020 are summarized in the table below:

Common Stock Options Granted During Period Ended:			Fair Value of Underlying Common Stock						Exercise Price of Common Stock Option
Nine months ended September 30, 2021			$1.15 to $2.57; weighted avg. $1.87						$1.15 to $2.57; weighted avg. $1.87
Nine months ended September 30, 2020			$1.19 to $2.80: weighted avg. $1.91						$1.19 to $2.80: weighted avg. $1.94

Common Stock Option Activity

A summary of common stock option activity as of the periods indicated is as follows:

			Options						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (years)						Aggregate Intrinsic Value (thousands)
Outstanding - December 31, 2020			7,227,296						$	2.24					6.8						$	1,719
Granted			4,427,586						1.87
Exercised			(342,246)						1.60
Forfeited			(252,681)						2.38
Outstanding - September 30, 2021			11,059,955						$	2.11					7.5						$	397
Exercisable - September 30, 2021			5,207,872						$	2.27					5.7						$	389
Vested and Expected to Vest - September 30, 2021			10,630,872						$	2.11					7.5						$	396

Restricted Stock Unit Awards Activity

A summary of restricted stock unit activity of the periods indicated is as follows:

			Restricted Stock Units						Weighted-Average Grant Date Fair Value
Unvested balance - December 31, 2020			—						$	—
Granted			575,000						1.58
Vested			(17,875)						1.90
Forfeited			(10,500)						1.15
Unvested balance - September 30, 2021			546,625						$	1.57

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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