Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

The following table summarizes the Company’s stock option activity since December 31, 2021:

	NUMBER OF SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM		INTRINSIC VALUE
						(in years)		(in thousands)
Outstanding at December 31, 2021		4,339,523		$	9.75		7.68	$	8,823
Granted		2,485,987			5.80
Exercised		(14,757	)		1.95
Forfeited or canceled		(232,215	)		10.83
Outstanding at June 30, 2022		6,578,538		$	8.24		7.93	$	482
Vested and expected to vest at June 30, 2022		6,578,538		$	8.24		7.93	$	482
Options exercisable at June 30, 2022		2,608,968		$	7.74		6.05	$	482

Stock-Based Compensation Expense

Stock-based compensation expense related to stock options was classified in the consolidated statements of operations as follows (in thousands):

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Research and development expenses	$	874	$	683	$	1,529	$	1,247
General and administrative expenses		1,433		1,146		2,725		2,165
	$	2,307	$	1,829	$	4,254	$	3,412

As of June 30, 2022, total unrecognized stock-based compensation expense related to unvested stock-based awards was $21.5 million, which is expected to be recognized over a weighted-average period of 2.9 years.