Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards

The fair value of each employee and non-employee stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Risk-free interest rate	3.1%	1.1%	1.7%	0.7%
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Expected term in years	5.48	6.05	5.90	5.99
Expected volatility	70.8%	74.3%-74.8%	70.8%-72.5%	73.8%-86.8%

Schedule of Share Option Activity

The following table summarizes information and activity related to the Company’s stock options:

	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Total Intrinsic Value (in thousands)
Outstanding as of December 31, 2021	4,230,162	$	8.92	8.4	$	—
Options granted	2,248,700	1.93
Options forfeited	(626,950)	10.35
Outstanding as of June 30, 2022	5,851,912	$	6.08	7.7	$	—
Options vested and exercisable	2,799,721	$	7.34	6.1	$	—

Schedule of RSU Information and Activity

The following table summarizes information and activity related to the Company’s RSUs:

	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021	17,504	$	9.51
Vested	(729)	$	9.51
Outstanding as of June 30, 2022	16,775	$	9.51
Vested as of June 30, 2022	729	$	9.51

Schedule of Components of Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	535	$	1,409	$	87	$	3,952
General and administrative	866		1,309		1,345		3,883
Total	$	1,401	$	2,718	$	1,432	$	7,835