Stockholder's Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Share-based compensation for stock options, restricted stock awards and restricted stock units

Share-based compensation for stock options, restricted stock awards and restricted stock units is classified in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 was as follows:
 

	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands)	2022		2021
Research and development	$	725	$	161
General and administrative		1,329		361
	$	2,054	$	522

Summary of stock option activity

The following table summarizes stock option activity for the three months ended March 31, 2022:

Stock Options	Number of Option Shares		Weighted-Average Exercise Price		Weighted-Average Contractual Term    (in years)		Aggregate Intrinsic Value    (in thousands)
Outstanding at December 31, 2021		1,357,784	$	12.72	9.7		$	—
Granted		1,091,655	$	14.80
Exercised		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2022		2,449,439	$	13.65		9.6	$	—
Options exercisable at March 31, 2022		78,053	$	13.14		9.6	$	—

Summary of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the three months ended March 31, 2022 was determined using the Black-Scholes option pricing model with the following assumptions:
 

	FOR THE THREE MONTHS ENDED MARCH 31,
	2022
Expected volatility	89.3% - 89.6%
Expected term (years)	5.50 - 6.08
Risk free interest rate	1.42% - 1.79%
Expected dividend yield		—
Exercise price	$9.91 - $15.04

Summary of Nonvested Restricted Common Stock Awards

A summary of the status of the Company's nonvested restricted common stock awards at March 31, 2022 and changes during the three months ended March 31, 2022 was as follows:

Restricted Stock Awards	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock awards at December 31, 2021		2,272,707		$	3.22
Shares granted		—		$	—
Shares vested		(525,222	)	$	2.68
Outstanding nonvested restricted stock awards at March 31, 2022		1,747,485		$	3.38

Summary of Nonvested Restricted Common Stock Units

A summary of the status of the Company's nonvested restricted common stock units at March 31, 2022 and changes during the three months ended March 31, 2022 was as follows:

Restricted Stock Units	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock units at December 31, 2021		2,000		$	10.76
Shares granted		78,300		$	15.04
Shares vested		(1,000	)	$	10.76
Outstanding nonvested restricted stock units at March 31, 2022		79,300		$	14.99