Stockholder's Equity (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021 and was as follows:
 

	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	911	$	193	$	1,636	$	354
General and administrative		1,736		346		3,065		707
	$	2,647	$	539	$	4,701	$	1,061

Summary of stock option activity

The following table summarizes stock option activity for the six months ended June 30, 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		1,392,995		$	13.70
Exercised		—		$	—
Forfeited		(4,027	)	$	10.38
Outstanding at June 30, 2022		2,746,752		$	13.22		9.4	$	—
Options exercisable at June 30, 2022		249,700		$	13.44		8.8	$	—

Summary of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the six months ended June 30, 2022 was determined using the Black-Scholes option pricing model with the following assumptions:
 

	FOR THE SIX MONTHS ENDED JUNE 30,
	2022
Expected volatility	89.3% - 90.8%
Expected term (years)	5.50 - 6.08
Risk free interest rate	1.42% - 2.94%
Expected dividend yield		—
Exercise price	$7.68 - $15.04

Summary of Nonvested Restricted Common Stock Awards

A summary of the status of the Company's nonvested restricted common stock awards at June 30, 2022 and changes during the six months ended June 30, 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		(810,881	)	$	2.99
Outstanding nonvested restricted stock awards at June 30, 2022		1,461,826		$	3.35

Summary of Nonvested Restricted Common Stock Units

A summary of the status of the Company's nonvested restricted common stock units at June 30, 2022 and changes during the six months ended June 30, 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		86,000		$	14.38
Shares vested		(1,000	)	$	10.76
Outstanding nonvested restricted stock units at June 30, 2022		87,000		$	14.34