Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activities

The activity for stock options is as follows:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contract Terms (in years)		Aggregate Intrinsic Values (in thousands)
Balance as of December 31, 2021		2,922,135		$	3.62		9.14	$	21,144
Options granted		1,665,782			7.83
Options cancelled and forfeited		(13,000	)		8.21
Options exercised		—			—				—
Balance as of June 30 2022		4,574,917		$	5.14		9.00	$	3,937
Vested and expected to vest, June 30, 2022(1)		4,529,917		$	5.11		8.99	$	3,937
Options exercisable as of June 30, 2022		1,226,406		$	2.74		8.58	$	1,890

Summary of Assumptions Used in Black-Scholes Model

The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the six months ended June 30, 2022:

Expected term (in years)	5.50 - 6.50
Expected volatility	77.33% - 80.37%
Risk-free interest rate	1.69% - 3.03%
Expected dividend yield	0.00%

Summary of Restricted Stock Awards

The activity for restricted stock awards is as follows:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2021(1)		332,364		$	7.30
Granted		—			—
Vested		(92,084	)		8.03
Forfeited		—			—
Unvested at June 30, 2022		240,280		$	7.48

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation for stock options, restricted stock awards, and performance awards included in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expense	$	628	$	251	$	1,175	$	329
General and administrative expense		1,144		799		2,138		1,018
Total stock-based compensation expense	$	1,772	$	1,050	$	3,313	$	1,347