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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 with the following weighted average assumptions:
 
Risk-free interest rate
     
0.4% - 1.1
 % 
Expected term in years
      5.3 - 6.1  
Expected volatility
      90 % 
Expected dividend yield
      0 % 
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 % 
 
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                  
Granted
     2,663,084       2.21                  
Exercised
     (2,236 )      0.72                  
   
 
 
                          
Outstanding at September 30, 2021
     3,662,365     $ 1.92       8.7     $ 51,591  
   
 
 
    
 
 
    
 
 
    
 
 
  
Vested and exercisable at September 30, 2021
     958,709     $ 1.38       7.1     $ 14,034  
   
 
 
    
 
 
    
 
 
    
 
 
  
As of September 30, 2021, total unrecognized compensation costs related to unvested stock option awards granted was approximately $3.1 million, which the Company expects to recognize over a weighted-average period of approximately 3.2 years.
Summary of Share-Based Compensation Expense Related to Stock Options
T
he Company recorded share-based compensation expense related to stock options in the following expense categories of its condensed statements of operations and comprehensive loss for the periods shown:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
General and administrative
    $ 254      $ 26      $ 412      $ 78  
Research and development
      50        13        145        38  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total share-based compensation
    $ 304      $ 39      $ 557      $ 116