Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Research and development	$	211	$	83	$	485	$	157
General and administrative		672		576		1,862		725
Stock-based compensation expense included in operating expenses	$	883	$	659	$	2,347	$	882

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the nine months ended September 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	1,628,795		3.06
Exercised	(44,105)		0.43
Cancelled	(232,987)		4.24
Outstanding at September 30, 2022	4,373,502		3.47	8.86	$	477
Vested at September 30, 2022	1,189,491		1.95	8.66	$	316
Vested and expected to vest at September 30, 2022	4,373,502	$	3.47	8.86	$	477

The following is a summary of the Company’s stock option activity for the nine months ended September 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	1,088,000		7.78	—		3,087
Outstanding at September 30, 2021	2,849,062		3.56	9.13	$	12,056
Vested at September 30, 2021	398,157		0.96	8.30	$	2,805
Vested and expected to vest at September 30, 2021	2,849,062	$	3.56	9.13	$	12,056

Schedule of assumptions used in estimation of fair value

The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2022 and 2021 was $2.04 and $5.07 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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Risk-free interest rate	2.71 - 3.47	%	1.19	%	1.62 - 3.47	%	0.95 - 1.19	%
Volatility	72	%	76	%	72 - 80	%	76 - 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 RSUs:

		Weighted- average
		grant date
	Number of shares	fair value
Unvested at December 31, 2021	200,996	$	16.00
Granted	—		—
Vested	(62,811)	$	16.00
Unvested at September 30, 2022	138,185	$	16.00