Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Key Assumptions Used for Black-Scholes Option-pricing Model to Estimate the Fair Value of Stock Options

The key assumptions used to apply this pricing model were as follows:

	Year Ended December 31,
	2021			2020
Risk free interest rate		0.79	%		0.85	%
Expected term (in years)		6.05			6.05
Expected dividend yield		0	%		0	%
Expected volatility of underlying common stock		75	%		73	%

Summary of Stock Option Activity

The following table summarizes the stock option activity under the 2018 Plan and 2021 Plan:

	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)		Intrinsic Value (in thousands)
Outstanding January 1, 2021		1,445,426		$	2.62		8.74	$	3,799
Granted		1,981,311			8.70
Exercised		(167,390	)		2.13
Canceled		(239,871	)		3.73
Outstanding December 31, 2021		3,019,476		$	6.55		8.61	$	2,120
Options vested or expected to vest as of December 31, 2021		3,019,476		$	6.55		8.61	$	2,120
Stock options exercisable as of December 31, 2021		610,182		$	2.63		7.08	$	2,120

Summary of Other Information Related to Option Activity

Other information related to the option activity for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021		2020
Weighted-average fair value of options granted	$	5.74	$	2.38
Intrinsic value of options exercised (in thousands)	$	1,174	$	148

Summary of Restricted Common Stock Activity

A summary of the activity for the year ended December 31, 2021 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested restricted stock as of January 1, 2021		438,280			-
Vested		(321,410	)		-
Unvested restricted stock as of December 31, 2021		116,870			-

Summary of Stock-based Compensation Expense

Stock-based compensation expense for the year ended December 31, 2021 and 2020 was classified in the consolidated statement of operations as follows (in thousands):

	Year Ended December 31,
	2021		2020
Research and development	$	878	$	248
General and administrative		1,638		267
Total stock-based compensation expense	$	2,516	$	515