Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Option Activity

The following table summarizes the Company’s option activity during the six months ended June 30, 2022:

	NUMBER OF SHARES			WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM		AGGREGATE INTRINSIC VALUE (1)
						(In years)		(In thousands)
Outstanding as of December 31, 2021		4,763,489		$	12.56		6.44	$	10,370
Granted		1,214,325			5.85
Exercised		—			—
Forfeited/Cancelled		(514,873	)		13.02
Outstanding as of June 30, 2022		5,462,941		$	11.03		6.39	$	13
Exercisable as of June 30, 2022		3,040,043		$	9.88		4.90	$	-
Vested and expected to vest as of June 30, 2022		5,462,941		$	11.03		6.39	$	13

Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock as of June 30, 2022 and December 31, 2021.

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit activity during the six months ended June 30, 2022

	NUMBER OF SHARES			WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Outstanding as of December 31, 2021		—		$	—
Granted		906,683			5.62
Vested		—
Forfeited/Cancelled		(77,856	)		5.84
Outstanding as of June 30, 2022		828,827		$	5.60
Vested and expected to vest as of June 30, 2022		828,827		$	5.60

Schedule of Components and Classification of Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense (in thousands):

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Research and development	$	819	$	1,221	$	2,141	$	2,279
General and administrative		1,849		1,469		2,876		2,684
	$	2,668	$	2,690	$	5,017	$	4,963
Employee	$	2,481	$	2,620	$	4,456	$	4,859
Non-employee		187		70		561		104
	$	2,668	$	2,690	$	5,017	$	4,963