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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The summary of stock option activity for the nine months ended September 30, 2022 (in thousands, except share and per share amounts):

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2022

 

 

5,926,969

 

 

$

10.03

 

 

 

9.5

 

 

$

16,414

 

Granted

 

 

1,106,488

 

 

 

4.24

 

 

 

 

 

 

 

Exercised

 

 

(73,841

)

 

 

2.48

 

 

 

 

 

 

 

Forfeited

 

 

(715,331

)

 

 

7.01

 

 

 

 

 

 

 

Expired

 

 

(408,545

)

 

 

2.18

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

5,835,740

 

 

$

9.72

 

 

 

8.5

 

 

$

101

 

Options exercisable at September 30, 2022

 

 

1,535,955

 

 

$

8.05

 

 

 

8.7

 

 

$

61

 

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

2021

 

2022

 

2021

Expected volatility

 

96.09% - 97.34%

 

72.88% - 73.13%

 

96.09% - 101.66%

 

72.88% - 75.17%

Risk-free interest rate

 

2.85% - 4.02%

 

0.81% - 0.96%

 

1.60% - 4.02%

 

0.81% - 1.16%

Expected dividend yield

 

0.00%

 

0.00%

 

0.00%

 

0.00%

Expected term (in years)

 

6.00 - 6.08

 

6.00 - 6.08

 

6.00 - 6.11

 

6.00 - 6.08

 

 

 

 

 

 

 

 

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options recorded is as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,623

 

 

$

96

 

 

$

3,190

 

 

$

1,106

 

General and administrative

 

 

1,534

 

 

 

211

 

 

 

6,134

 

 

 

2,223

 

Total

 

$

3,157

 

 

$

307

 

 

$

9,324

 

 

$

3,329

 

Summary of Restricted Stock Activity

The summary of restricted stock activity for the nine months ended September 30, 2022:

 

 

Number of Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested at December 31, 2021

 

 

618,494

 

 

$

3.04

 

Granted

 

 

3,122,096

 

 

 

3.73

 

Vested and settled

 

 

(291,418

)

 

 

0.05

 

Forfeited

 

 

(324,847

)

 

 

3.60

 

Non-vested and unsettled at September 30, 2022

 

 

3,124,325

 

 

$

3.60