Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

Stock Options

The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years. At June 30, 2021, there was $10.9 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 3.0 years. During the six months ended June 30, 2021, the Company granted 907,000 stock options with a weighted average exercise price of $15.00 and per share weighted average grant date fair value of $12.35.

Information related to stock options outstanding at June 30, 2021 is as follows:

				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value
Outstanding	2,492,949	$	8.31	5.96	$	17,162,458
Exercisable	863,736	$	5.36	5.79	$	8,464,765
Unvested	1,629,213	$	9.87	6.05	$	8,697,693

Restricted Stock

At June 30, 2021, the Company had unvested restricted stock of 114,363 shares with total unrecognized compensation expense of $0.4 million, which the Company expects to recognize over a weighted average period of approximately 1.4 years. During the six months ended June 30, 2021, the Company released 40,363 shares of common stock from restriction as a result of the vesting of restricted stock.

During the six months ended June 30, 2021, the Company granted 196,279 shares of restricted stock units which vest over four years. At June 30, 2021, the Company had unvested restricted stock units of 211,279 shares with total unrecognized compensation expense of $2.7 million, which the Company expects to recognize over a weighted average period of approximately 3.6 years.

2019 Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, employees purchased 8,733 shares for $0.1 million during the six months ended June 30, 2021. During the three and six months ended June 30, 2021, the Company recognized compensation expense of $0.1 million and $0.2 million, respectively.

Stock-based Compensation Expense

Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020 as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Research and development	$	440,340	$	77,939	$	761,678	$	106,939
General and administrative		1,044,489		252,571		1,941,502		438,492
Total	$	1,484,829	$	330,510	$	2,703,180	$	545,431