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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Estimated Fair Value of Options Valuation Assumptions

The fair value of options at date of grant was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

2021

 

 

2022

 

Risk-free interest rate

 

0.50%—1.25%

 

 

1.67%—4.18%

 

Expected dividend yield

 

0%

 

 

0%

 

Expected life

 

5.5—6.7 years

 

 

5.5—6.7 years

 

Expected volatility

 

72%—74%

 

 

70%—84%

 

Weighted-average grant date
   fair value

 

$

4.18

 

 

$

3.18

 
Summary of Information about Stock Option Activity

The following table summarizes information about stock option activity during 2021 and 2022 (in thousands, except share and per share data):

 

 

 

NUMBER OF
SHARES

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
TERM

 

 

AGGREGATE
INTRINSIC
VALUE

 

Outstanding, December 31, 2020

 

 

2,224,913

 

 

$

6.26

 

 

 

 

 

 

 

Granted

 

 

953,506

 

 

 

6.57

 

 

 

 

 

 

 

Exercised

 

 

(2,501

)

 

 

3.81

 

 

 

 

 

 

 

Forfeited

 

 

(513,166

)

 

 

6.72

 

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

2,662,752

 

 

$

6.28

 

 

 

 

 

 

 

Granted

 

 

1,455,594

 

 

 

4.86

 

 

 

 

 

 

 

Exercised

 

 

(11,756

)

 

 

3.71

 

 

 

 

 

 

 

Forfeited

 

 

(98,413

)

 

 

6.73

 

 

 

 

 

 

 

Outstanding, December 31, 2022

 

 

4,008,177

 

 

$

5.76

 

 

 

7.47

 

 

$

7,147

 

Vested and exercisable, December 31, 2022

 

 

1,982,329

 

 

$

6.15

 

 

 

6.01

 

 

$

3,436

 

Vested and expected to vest, December 31, 2022

 

 

3,489,134

 

 

$

5.81

 

 

 

7.25

 

 

$

6,226

 
Schedule of RSU Activity

The following table summarizes information about RSU activity during 2021 and 2022:

 

 

 

RSUs

 

 

AVERAGE GRANT DATE FAIR VALUE (IN DOLLARS PER SHARE)

 

RSUs outstanding, December 31, 2020

 

 

80,450

 

 

$

3.25

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(38,200

)

 

 

3.25

 

Forfeited

 

 

—

 

 

 

—

 

RSUs outstanding, December 31, 2021

 

 

42,250

 

 

 

3.25

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(42,250

)

 

 

3.25

 

Forfeited

 

 

—

 

 

 

—

 

RSUs outstanding, December 31, 2022

 

 

—

 

 

$

—

 

 
Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its accompanying condensed consolidated statements of operations and comprehensive loss for employees, directors and non-employees during the years ended December 31, 2021 and 2022 as follows (in thousands):

 

 

 

2021

 

 

2022

 

Research and development

 

$

947

 

 

$

1,050

 

General and administrative

 

 

1,419

 

 

 

1,788

 

Total

 

$

2,366

 

 

$

2,838