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Stockholder's Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Share-Based Compensation for Stock Options, Restricted Stock Awards and Restricted Stock Units and the Employee Stock Purchase Plan

Share-based compensation which comprised of stock options, restricted stock awards, restricted stock units and the employee stock purchase plan is classified in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021 and was as follows:
 

 

FOR THE YEAR ENDED
DECEMBER 31,

 

(in thousands)

2022

 

 

2021

 

Research and development

$

3,542

 

 

$

1,168

 

General and administrative

 

5,957

 

 

 

2,477

 

 

$

9,499

 

 

$

3,645

 
Summary of Stock Option Activity The following table summarizes stock option activity for the year ended December 31, 2022:

Stock Options

 

Number of Option Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Contractual Term
   (in years)

 

 

Aggregate Intrinsic Value
   (in thousands)

 

Outstanding at December 31, 2021

 

 

1,357,784

 

 

$

12.72

 

 

9.7

 

 

$

—

 

Granted

 

 

1,458,800

 

 

$

13.45

 

 

 

 

 

 

 

Forfeited

 

 

(183,151

)

 

$

14.31

 

 

 

 

 

 

 

Expired

 

 

(22,105

)

 

$

13.38

 

 

 

 

 

 

 

Exercised

 

 

(2,014

)

 

$

10.38

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

2,609,314

 

 

$

13.01

 

 

 

8.8

 

 

$

—

 

Options exercisable at December 31, 2022

 

 

685,155

 

 

$

13.31

 

 

 

8.4

 

 

$

—

 
Summary of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the years ended December 31, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions:
 

 

 

FOR THE YEAR ENDED DECEMBER 31,

 

 

 

2022

 

 

2021

 

Expected volatility

 

89.31% - 91.62%

 

 

86.90% - 87.90%

 

Expected term (years)

 

5.50 - 6.08

 

 

5.50 - 6.08

 

Risk free interest rate

 

1.42% - 2.94%

 

 

0.79% - 1.33%

 

Expected dividend yield

 

 

—

 

 

 

—

 

Exercise price

 

$7.54 - $15.04

 

 

$10.76 - $13.00

 
Summary of Nonvested Restricted Common Stock Awards A summary of the status of the Company's nonvested restricted common stock awards at December 31, 2022 and changes during the year ended December 31, 2022 was as follows:

 

Restricted Stock Awards

 

Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Nonvested restricted stock awards at December 31, 2021

 

 

2,272,707

 

 

$

3.22

 

Granted

 

 

—

 

 

$

—

 

Vested

 

 

(1,127,224

)

 

$

3.04

 

Forfeited

 

 

(139,115

)

 

$

2.87

 

Outstanding nonvested restricted stock awards at December 31, 2022

 

 

1,006,368

 

 

$

3.48

 
Summary of Nonvested Restricted Common Stock Units

A summary of the status of the Company's nonvested restricted common stock units at December 31, 2022 and changes during the year ended December 31, 2022 was as follows:

 

Restricted Stock Units

 

Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Nonvested restricted stock units at December 31, 2021

 

 

2,000

 

 

$

10.76

 

Granted

 

 

151,300

 

 

$

11.68

 

Forfeited

 

 

(22,700

)

 

$

14.80

 

Vested

 

 

(2,000

)

 

$

10.76

 

Outstanding nonvested restricted stock units at December 31, 2022

 

 

128,600

 

 

$

11.12