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Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Stock Options

Stock option activity during the year ended December 31, 2021 and 2020 was as follows:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price per Share

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value (in $000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2019

 

 

346,872

 

 

$

1.30

 

 

 

9.01

 

 

$

744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

5,382,362

 

 

$

11.42

 

 

 

 

 

 

 

Exercised

 

 

(188,990

)

 

$

2.33

 

 

 

 

 

 

810

 

Forfeited

 

 

(52,096

)

 

$

1.76

 

 

 

 

 

 

 

Outstanding as of December 31, 2020

 

 

5,488,148

 

 

$

11.19

 

 

 

9.57

 

 

$

90,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

482,380

 

 

$

20.31

 

 

 

 

 

 

 

Exercised

 

 

(123,621

)

 

$

3.16

 

 

 

 

 

 

2,338

 

Forfeited or expired

 

 

(154,393

)

 

$

13.66

 

 

 

 

 

 

 

Outstanding as of December 31, 2021

 

 

5,692,514

 

 

$

12.07

 

 

 

8.63

 

 

$

16,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options vested and expected to vest as of
   December 31, 2021

 

 

5,652,622

 

 

$

12.13

 

 

 

8.63

 

 

$

16,427

 

Options vested and exercisable as of
   December 31, 2021

 

 

1,788,095

 

 

$

9.48

 

 

 

8.40

 

 

$

8,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Stock Based Compensation Expense Was Allocated

Stock-based compensation expense was allocated as follows for the years ended December 31, 2021 and December 31, 2020:

 

(in thousands)

 

2021

 

 

2020

 

Research and development

 

$

7,554

 

 

$

1,041

 

General and administrative

 

 

5,903

 

 

 

1,934

 

Total

 

$

13,457

 

 

$

2,975

 
2020 Employee Stock Purchase Plan [Member]  
Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options The assumptions that the Company used to determine the grant-date fair value of shares granted to participants were as follows, disclosed on a grant date basis:

 

 

 

2021

 

 

 

 

 

Expected term (in years)

 

0.5 - 2.0 years

 

Risk-free interest rate

 

0.03% - 0.54%

 

Dividend yield

 

 

—

 

Volatility

 

50.41% - 97.14%

 

Weighted-average estimated fair value of purchase rights

 

$4.13 - $13.49

 
Restricted Stock [Member]  
Summary of Stock Options

The following table summarizes the Company’s restricted common stock activity for years ended December 31, 2021 and 2020:

 

 

 

Number
of Awards

 

 

Weighted-
Average
Grant Date
Fair Value
per Share

 

 

Aggregate
Fair Value
(in $000)

 

 

 

 

 

 

 

 

 

 

 

Issued and unvested as of December 31, 2019

 

 

827,187

 

 

$

1.01

 

 

$

834

 

 

 

 

 

 

 

 

 

 

 

Restricted stock awards granted

 

 

—

 

 

 

 

 

 

—

 

Restricted stock awards vested

 

 

(418,776

)

 

$

0.86

 

 

 

(361

)

Issued and unvested as of December 31, 2020

 

 

408,411

 

 

$

1.16

 

 

$

473

 

 

 

 

 

 

 

 

 

 

 

Restricted stock awards granted

 

 

—

 

 

 

 

 

 

—

 

Restricted stock awards vested

 

 

(319,357

)

 

$

1.12

 

 

 

(356

)

 

 

 

 

 

 

 

 

 

 

Issued and unvested as of December 31, 2021

 

 

89,054

 

 

$

1.30

 

 

$

117

 
Stock Option [Member]  
Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options

The assumptions that the Company used to determine the grant-date fair value of stock options granted to Participants were as follows, presented on a weighted-average basis:

 

 

 

2021

 

 

2020

 

Expected term (in years)

 

 

5.72

 

 

 

5.79

 

Risk-free interest rate

 

 

0.99

%

 

 

0.93

%

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

81.21

%

 

 

77.14

%