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Equity-based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Equity-based Compensation | (8) Equity‑based Compensation On January 1, 2022, the number of shares of common stock available for issuance under the 2015 Equity Incentive Award Plan (the “2015 Plan”) and the 2015 Employee Stock Purchase Plan (“ESPP”) was increased by 3,484,942 shares and 696,988 shares, respectively, due to the annual evergreen provision to increase shares available under the 2015 Plan and the ESPP. As of June 30, 2022, there were an aggregate of 2,259,432 shares available for future grant under the 2017 Stock Incentive Plan (the 2017 Plan) and the 2015 Plan, and 1,341,339 shares available for future grant under the ESPP. The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021 (in thousands):
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  |  | 2022 |  |  | 2021 |
Research and development |  | $ | 378 |  |  | $ | 359 |  |  |  | $ | 753 |  |  | $ | 774 |
General and administrative |  |  | 599 |  |  |  | 517 |  |  |  |  | 1,114 |  |  |  | 979 |
|  | $ | 977 |  |  | $ | 876 |  |  |  | $ | 1,867 |  |  | $ | 1,753 |
The following table summarizes equity‑based compensation expense by type of award for the three and six months ended June 30, 2022 and 2021 (in thousands):
|  | Three Months Ended June 30 |  |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  |  | 2022 |  |  | 2021 |
Stock options |  | $ | 845 |  |  | $ | 800 |  |  |  | $ | 1,665 |  |  | $ | 1,499 |
Restricted stock awards |  |  | 113 |  |  |  | 62 |  |  |  |  | 166 |  |  |  | 234 |
ESPP |  |  | 19 |  |  |  | 14 |  |  |  |  | 36 |  |  |  | 20 |
|  | $ | 977 |  |  | $ | 876 |  |  |  | $ | 1,867 |  |  | $ | 1,753 |
During the six months ended June 30, 2022, the Company granted 2,889,149 stock options with a weighted average exercise price of $1.84. As of June 30, 2022, there was $6.6 million of unrecognized share-based compensation related to unvested stock option grants which is expected to be recognized over a weighted average period of 2.8 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. During the six months ended June 30, 2022, the Company granted 507,260 restricted stock awards with a weighted average grant date fair value per share of $1.97. As of June 30, 2022, there was approximately $1.4 million of unrecognized share-based compensation related to restricted stock awards granted, which is expected to be recognized over a weighted average period of 3.3 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. For a full description of the Company’s equity plans, refer to Note 9, Equity-based Compensation and Equity Incentive Plans in the 2021 Annual Report.

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