Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Stock-Based Compensation

Stock-Based Compensation

10. 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. As of June 30, 2022, there was $12.6 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.8 years. During the six months ended June 30, 2022, the Company granted 1,158,927 stock options with a weighted average exercise price of $7.13 and per share weighted average grant date fair value of $5.93.

Information related to stock options outstanding as of June 30, 2022 is as follows (in thousands, except share and per share data):

				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value
Outstanding	3,360,313	$	8.57	6.0	$	3,642
Exercisable	1,300,590	$	8.33	5.8	$	2,466
Unvested	2,059,723	$	8.73	6.1	$	1,176

Restricted Stock

As of June 30, 2022, the Company had unvested restricted stock of 33,636 shares with total unrecognized compensation expense of $0.1 million, which the Company expects to recognize over a weighted average period of approximately 0.4 years. During the six months ended June 30, 2022, the Company issued 22,972 of unrestricted common

stock as a result of the vesting of 40,364 restricted stock net of 17,392 shares of common stock withheld to satisfy tax withholding obligations.

Restricted Stock Units (RSUs)

During the six months ended June 30, 2022, the Company granted 285,000 shares of RSUs with a weighted average grant date fair value of $7.11 which vest over four years. As of June 30, 2022, the Company had unvested RSUs of 472,150 shares with total unrecognized compensation expense of $3.7 million, which the Company expects to recognize over a weighted average period of approximately 3.3 years. During the six months ended June 30, 2022, the Company issued 29,095 shares of unrestricted common stock as a result of the vesting of 44,778 RSUs net of 15,683 shares of common stock withheld to satisfy tax withholding obligations.

2019 Employee Stock Purchase Plan (ESPP)

Under the ESPP, employees purchased 16,450 shares for $0.1 million during the six months ended June 30, 2022. During the three and six months ended June 30, 2022, the Company recognized compensation expense of $47,000 and $0.1 million respectively. 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, 2022 and 2021 as follows (in thousands):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	663	$	441	$	1,281	$	762
General and administrative		1,385		1,044		2,800		1,941
Total	$	2,048	$	1,485	$	4,081	$	2,703