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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Assumptions Used for Valuation of Fair Value of Stock Options The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the six months ended June 30, 2021 with the following weighted average assumptions:
Risk-free interest rate
   
0.4% - 0.5%
Expected term in years
   
5.3 -
 
6.3
Expected volatility
    90%
Expected dividend yield
    0%
Summary of Stock Option Activity
The following table reflects summarized stock option activity:
 
 
  
Stock
Options
 
  
Weighted
Average
Exercise Price
 
  
Weighted
Average
Remaining
Contractual
Life (in years)
 
  
Aggregate
Intrinsic
Value
(in thousands)
 
Outstanding at December 31, 2020
      1,001,517      $ 1.13                    
Options granted
      2,663,084        2.21                    
    
 
 
     
 
 
                    
Outstanding at June 30, 2021
      3,664,601      $ 1.92        8.9      $ 51,625  
    
 
 
     
 
 
     
 
 
     
 
 
  
Vested and exercisable at June 30, 2021
      872,961      $ 1.19        7.3      $ 12,941  
    
 
 
     
 
 
     
 
 
     
 
 
  
As of June 30, 2021, total unrecognized compensation costs related to unvested stock option awards granted was approximately
 
$
3.4
 
million, which the Company expects to recognize over a weighted-average period of approximately
 
3.3
years
.
Summary of Stock-Based Compensation Expense Related to Stock Options
The Company recorded stock-based compensation expense related to stock options in the following expense categories of its condensed statements of operations for the periods shown:
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
2021
     
2020
     
2021
     
2020
  
General and administrative
    $ 79      $
26
      $ 159      $ 52  
Research and development
      47       
13
        94        26  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 127      $
38
      $ 253      $ 77  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Assumptions Used for Valuation of Fair Value of Stock As of December 31, 2020, the Company derived the fair value of its common stock with the assistance of an independent third-party valuation firm utilizing the following assumptions:
 
Risk-free interest rate
      0.13%
Expected time to liquidity event in years
      2.0
Expected volatility
      90%
Expected dividend yield
      0%