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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Summary of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Options Outstanding and Exercisable
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	Weighted		​	Average	​	Aggregate
​	​	​	​	Average		​	Remaining	​	Intrinsic
​	​	Number of	​	Exercise		​	Contractual	​	Value(1)
​		Shares		Price			Life (Years)		(in thousands)
Outstanding as of December 31, 2021	​	4,545,794	​	$	14.15	​	8.1	​	$	2,860
Granted		1,722,350	​	$	5.37		—	​		—
Exercised	​	(50,420)	​	$	1.32	​	—	​	​	—
Forfeitures	​	(940,891)	​	$	13.79	​	—	​	​	—
Outstanding as of September 30, 2022		5,276,833	​	$	11.48		7.9	​	$	767
Exercisable as of September 30, 2022		2,607,339	​	$	12.83		6.8	​	$	767

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at September 30, 2022 and December 31, 2021.

Summary of stock based compensation expense recorded

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Three Months Ended

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Nine Months Ended

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​

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September 30,

​

September 30,

​

(in thousands)

2022

2021

2022

2021

​

Research and development

​

$

779

​

$

1,054

​

$

2,274

​

$

3,068

​

General and administrative

​

1,533

​

1,429

​

4,908

​

4,710

​

Total stock-based compensation expense

​

$

2,312

​

$

2,483

​

$

7,182

​

$

7,778

​

Summary of assumptions used in the Black Scholes option pricing model for stock options granted

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​	​	​	​	​	​	​	​
​	​	Nine Months Ended					​
​	​	September 30,					​
​		2022			2021		​
Expected term		5.5 - 6.1	years	​	5.5 - 6.1	years	​
Expected volatility		79.7 - 81.4	%	​	79.7	%	​
Risk free interest rate		1.8 - 4.0	%	​	0.8 - 1.4	%	​
Expected dividend yield		—	%	​	—	%	​

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