Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Research and development	$	191	$	47	$	274	$	74
General and administrative		646		111		1,190		149
Stock-based compensation expense included in operating expenses	$	837	$	158	$	1,464	$	223

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the six months ended June 30, 2022:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term (in years)	(in thousands)
Outstanding at December 31, 2021	3,021,799	$	3.71	8.94	$	10,903
Granted	1,436,995		3.32
Exercised	(44,105)		0.43
Cancelled	(232,987)		4.24
Outstanding at June 30, 2022	4,181,702		3.58	9.07	$	697
Vested at June 30, 2022	1,097,333		2.53	8.65	$	435
Vested and expected to vest at June 30, 2022	4,181,702	$	3.58	9.07	$	697

The following is a summary of the Company’s stock option activity for the six months ended June 30, 2021:

		Weighted-		Weighted- average	Aggregate
		average		remaining contractual	intrinsic value
	Options	exercise price		term ( in years)	(in thousands)
Outstanding at December 31, 2020	1,761,062	$	0.95	9.54	$	723
Granted	1,016,337		7.84	—		8,292
Outstanding at June 30, 2021	2,777,399		3.47	9.36	$	34,797
Vested at June 30, 2021	337,190		0.49	8.49	$	5,217
Vested and expected to vest at June 30, 2021	2,777,399	$	3.47	9.36	$	34,797

Schedule of assumptions used in estimation of fair value

The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2022 and 2021 was $2.22 and $5.17 per share, respectively. The fair value of each stock option was estimated using a Black-Scholes option-pricing model with the following assumptions:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Risk-free interest rate	2.84 - 3.34	%	0.96 - 1.09	%	1.62 - 3.34	%	0.95 - 1.09	%
Volatility	75 - 80	%	77	%	75 - 80	%	77	%
Dividend yield	0.00	%	0.00	%	0.00	%	0.00	%
Expected term (years)	6		6		6		6

Summary of restricted stock units activity

The following table summarizes activity related to restricted stock units:

		Weighted- average
		grant date
	Number of shares	fair value
Unvested at December 31, 2021	200,996	$	16.00
Granted	—		—
Vested	(50,249)
Unvested at June 30, 2022	150,747	$	16.00