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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Award Activity

The following is a summary of the stock option award activity during the six months ended June 30, 2021:

		Number of Stock Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020			1,247,158			$	5.16				9.34			$	1,486
Granted			305,132				5.36
Exercised			—				—
Cancelled			—				—
Outstanding at June 30, 2021			1,552,290			$	5.20				9.15			$	1,486
Exercisable at June 30, 2021			238,172			$	2.77				8.13			$	715
Options expected to vest as of June 30, 2021			1,314,118			$	5.64				9.15			$	771

Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted

The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:

		June 30, 2021		June 30, 2020
Volatility		88.78%		83.3%
Expected life (years)		6.08		6.08
Risk-free interest rate		0.67%		0.45%-1.4%
Dividend rate		—%		—%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was recorded in the following line items in the condensed statements of operations for the three and six months ended June 30, 2021 and 2020 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Research and development		$	180			$	17			$	348			$	33
General and administrative			212				3				405				5
Total stock-based compensation expense		$	392			$	20			$	753			$	38

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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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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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