The Company’s 2018 Plan provided for the Company to issue restricted stock, restricted stock units, incentive stock options, and non-statutory stock options and other stock-based awards to employees, officers, members of the Board, consultants and advisors of the Company. The 2018 Plan was most recently amended in July 2020. The awards granted under this plan generally vest over a four-year period and have a 10-year contractual term.

At December 31, 2021, the Company had granted 6,715,415 shares of common stock under the 2018 Plan, including an aggregate of 64,042 shares of common stock issuable upon the exercise of outstanding options under the 2018 Plan. Of the awards granted, 31,600 awards have been forfeited or cancelled during the year ended December 31, 2021. No shares remain available for future issuance under the 2018 Plan. Any options or awards outstanding under the 2018 Plan remain outstanding and effective.

On July 2, 2020, the Company’s Board of Directors adopted and in July 2020 the stockholders approved the 2020 Stock Option and Grant Plan (the “2020 Plan”) which became effective on July 28, 2020, the date immediately prior to the date on which the registration statement related to the IPO was declared effective, and as a result no further awards were made under the 2018 Plan thereafter. Initially, the aggregate number of shares of our common stock that may be issued pursuant to stock awards under the 2020 Plan was 8,008,734 shares. The number of shares of our common stock reserved for issuance under the 2020 Plan shall be cumulatively increased on January 1, 2021 and each January 1 thereafter by 5% of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by our board of directors. Unless our board of directors elects not to increase the number of shares available for future grant each year, our stockholders may experience additional

dilution, which could cause our stock price to fall. The awards granted under this plan generally vest over a four-year period and have a 10-year contractual term.

At December 31, 2021, there were an aggregate of 6,091,013 shares of common stock issuable upon the exercise of outstanding options under the 2020 Plan and 1,443,520 shares of restricted common stock granted under the 2020 Plan. There were an aggregate of 3,812,396 shares reserved for future issuance under the 2020 Plan at December 31, 2021. On January 1, 2022, 3,258,517 shares were added to the number of available shares under the 2020 Plan.

The following table summarizes restricted common stock activity for the year ended December 31, 2021:


	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2021		3,410,979		$	3.55
Granted		1,192,513			33.61
Forfeited		(127,104	)		25.91
Vested		(1,609,479	)		2.87
Unvested at December 31, 2021		2,866,909		$	15.45

During the year ended December 31, 2020, the weighted average grant date fair value of restricted stock granted was $21.07 per share and the weighted average grant date fair value of restricted stock vested was $1.84 per share. At December 31, 2021, there was $34.1 million of unrecognized stock-based compensation cost related to the restricted stock, which is expected to be recognized over a weighted average period of 3.01 years.

The following table summarizes stock option activity (in thousands, except share and per share data):


	Shares			Weighted Average Exercise Price		Weighted Average Contractual Life		Aggregate Intrinsic Value
Options outstanding at January 1, 2021		3,972,909		$	17.84	9.6		$	81,822
Granted		2,478,888			32.41				—
Exercised		(25,152	)		9.25				274
Forfeited		(271,590	)		25.31				1,047
Options outstanding at December 31, 2021		6,155,055		$	23.42		8.8	$	480
Options vested and exercisable at December 31, 2021		1,310,019		$	17.87		8.6	$	294

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period.

The weighted average grant-date fair value of stock options granted during the years ended December 31, 2021 and 2020 was $24.76 per share and $13.77 per share, respectively. At December 31, 2021, there was $73.5 million of unrecognized stock-based compensation expense related to unvested stock options, which is being recognized over a period of 2.88 years.

The fair value was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:


	Years Ended December 31,
	2021			2020
Expected term (in years)		6.06			6.08
Expected volatility		95	%		95	%
Risk-free interest rate		0.87	%		0.36	%
Expected dividend yield		—			—
Fair value of common stock	$	32.41		$	18.08

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2021		2020
Research and development	$	20,632	$	3,571
General and administrative		23,343		5,858
Total stock-based compensation expense	$	43,975	$	9,429

In July 2020, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was also adopted by the Board of Directors and approved by the stockholders. The purpose of the 2020 ESPP is to provide eligible employees of the Company and other designated companies, with opportunities to purchase shares of the Company’s common stock, par value $0.0001 per share. 611,354 shares of common stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2021 and each January 1 thereafter until January 1, 2030, the number of shares of common stock reserved and available for issuance under the Plan shall be cumulatively increased by the least of (i) 1,222,707 shares of common stock, (ii) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (iii) such number of shares of common stock as determined by the Administrator. The Board of Directors elected not to increase the number of available shares as of January 1, 2021 and 2022.