Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 with the following weighted average assumptions:

	Six Months Ended June 30,
	2022	2021
Risk-free interest rate	1.71 - 3.38%	0.40% - 0.50%
Expected term (in years)	5.8 - 6.1	5.3 - 6.3
Expected volatility	90%	90%
Expected dividend yield	0%	0%

Summary of Stock Option Activity

The following table reflects summarized stock option activity:

						Weighted Average
						Remaining
				Weighted Average		Contractual Life (in		Aggregate Intrinsic
	Stock Options			Exercise Price		years)		Value (in thousands)
Outstanding at December 31, 2021		3,835,618		$	2.51
Granted		1,455,550		$	4.80
Exercised		(29,982	)	$	0.84
Forfeited		(33,149	)	$	2.11
Outstanding at June 30, 2022		5,228,037		$	3.16		8.5	$	12,500
Vested and exercisable at June 30, 2022		1,910,996		$	1.67		7.4	$	6,561

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 condensed statements of operations for the periods shown (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative	$	510	$	79	$	962	$	159
Research and development		205		48		371		94
Total stock-based compensation	$	715	$	127	$	1,333	$	253