Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 with the following weighted average assumptions:

	Nine Months Ended September 30,
	2022	2021
Risk-free interest rate	1.71% - 4.17%	0.4% - 1.1%
Expected term (in years)	5.8 - 6.1	5.3 - 6.1
Expected volatility	90%	90%
Expected dividend yield	0%	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, 2021		3,835,618		$	2.51
Granted		1,932,050		$	5.00
Exercised		(31,848	)	$	0.86
Forfeited		(79,872	)	$	6.35
Outstanding at September 30, 2022		5,655,948		$	3.31		8.3	$	39,818
Vested and exercisable at September 30, 2022		2,084,736		$	1.75		7.1	$	17,772

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	563	$	254	$	1,525	$	412
Research and development		277		50		648		145
Total stock-based compensation	$	840	$	304	$	2,173	$	557