Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2021 with the following weighted average assumptions: 

Risk-free interest rate	0.4% – 1.3%
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, management, with the assistance of an independent third-party valuation firm, estimated the fair value of a share of common stock to be $0.83 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		2,839,284			2.99
Exercised		(5,183	)		2.85
Outstanding at December 31, 2021		3,835,618		$	2.51		8.5	$	19,458
Vested and exercisable at December 31, 2021		1,004,510		$	1.56		6.9	$	5,523

Summary of Share-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 statements of operations for the periods shown (in thousands):

	Year Ended December 31,
	2021		2020
General and administrative	$	690	$	103
Research and development		232		51
Total stock-based compensation	$	922	$	154