Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Share based Compensation

Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	1,697		851		3,120		1,927
Selling, general and administrative	2,550		591		4,906		1,666
Total stock-based compensation expense	$	4,247	$	1,442	$	8,026	$	3,593

Schedule of Nonvested Share Activity

Activity for the restricted shares is shown below:

	Number of shares
Unvested as of December 31, 2021	2,585,670
Repurchased	(249,618)
Vested	(514,738)
Unvested as of June 30, 2022	1,821,314

Activity for the phantom units is shown below:

	Number of Units	Weighted Average Strike Price
Unvested as of December 31, 2020	1,202,435	$	0.47
Granted	—	—
Vested	—	—
Exchange of Phantom Units for Cash Payment Rights, SARs, and/or Stock Options	(1,202,435)	$	0.47
Unvested as of June 30, 2021	—	$	—

Schedule of Stock Option Activity

Activity for stock options is shown below:

	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2021	7,757,401	$	3.72	9.2	$	40,939
Granted	4,281,834	7.23
Exercised	(382,569)	1.12
Canceled/ Forfeited	(806,439)	4.60
Expired	(9,747)	1.12
Outstanding at June 30, 2022	10,840,480	5.14		8.8	8,313
Exercisable at June 30, 2022	2,629,096	$	2.22	8.1	$	4,185
Vested and expected to vest as of June 30, 2022	10,840,480			8.8	$	8,313

Schedule of Determination of Fair Value

The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2022	2021	2022	2021
Expected term (in years)	5.5-6.8	6.0-6.1	5.5-7.0	3.5-6.1
Volatility	63%-64%	46%	63%-67%	45%-47%
Risk-free interest rate	2.5%-3.0%	1.2%-1.3%	0.8%-3.0%	0.3%-1.3%
Dividend Yield	—%	—%	—%	—%