Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

(7) STOCK-BASED COMPENSATION

Amended and Restated 2020 Equity Incentive Plan

The Company’s Amended and Restated 2020 Equity Incentive Plan, or the 2020 Plan, serves as the successor to the Company’s 2020 Equity Incentive Plan and provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares.

On January 1, 2022, the number of shares available under the 2020 Plan was increased by 1,623,483 shares. As of June 30, 2022, the number of shares of common stock available for issuance under the 2020 Plan was 4,335,987.

Employee Stock Purchase Plan

Under the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions.

On January 1, 2022, the number of shares available under the ESPP was increased by 405,871 shares. As of June 30, 2022, the number of shares of common stock available for issuance under the ESPP was 1,152,691.

Stock-based Compensation Expenses

Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	2,690	$	715	$	4,765	$	1,294
General and administrative		3,146		1,522		6,572		2,743
Total	$	5,836	$	2,237	$	11,337	$	4,037

Restricted Stock Units

The following table provides a summary of restricted stock unit activity under the 2020 Plan:

	Number of RSUs			Weighted- Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Restricted stock units as of December 31, 2021		15,075		$	58.56		1.8	$	324
Granted		504,200			15.20
Vested		(1,888	)		58.56
Canceled/forfeited		(23,825	)		16.16
Restricted stock units as of June 30, 2022		493,562		$	16.31		1.9	$	3,993