Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based compensation

Schedule of Stock-based compensation expense

Share-based compensation expense recorded as research and development and general and administrative expenses in the condensed statements of operations is as follows (in thousands):

	Three Months Ended March 31,
(In thousands)	2022		2021
Research and development	$	445	$	171
General and administrative		865		154
	$	1,310	$	325

Weighted average assumptions used in option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Three Months Ended March 31,
	2022			2021
Expected volatility		83.5	%		83.5	%
Risk-free interest rate		1.7	%		1.1	%
Expected term (in years)		6.08			6.10
Expected dividend yield		—			—
Fair value of common stock	$	10.58		$	31.83

Summary of option activity

A summary of option activity under the Plans and 2020 Plan during the three months ended March 31, 2022 is as follows:

				Weighted
		Weighted		average
		average		remaining
	Number of	exercise price		contractual
	shares	per share		term (years)
Outstanding at January 1, 2022	2,005,756	$	11.26	8.50
Granted	21,100		10.58	9.82
Forfeited	—		—	—
Exercised	(17,012)		1.87	8.11
Outstanding at March 31, 2022	2,009,844		11.33	8.27
Exercisable at March 31, 2022	779,707		5.40	7.57
Vested or expected to vest at March 31, 2022	2,009,844		11.33	8.27