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Stock Based Compensation Plan (Tables)
6 Months Ended
Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]  
Summary of Stock Option Activity

A summary of stock option activity is set forth below:

 

 

 

Options outstanding

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

Number of

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise

 

 

Contractual Life

 

 

Value

 

 

 

(In thousands)

 

 

Price

 

 

(In years)

 

 

(In thousands)

 

Outstanding – December 31, 2021

 

 

1,794

 

 

$

6.31

 

 

 

8.43

 

 

 

 

Granted

 

 

1,761

 

 

 

3.38

 

 

 

 

 

 

 

Forfeited

 

 

(43

)

 

 

5.17

 

 

 

 

 

 

 

Expired

 

 

(9

)

 

 

6.15

 

 

 

 

 

 

 

Outstanding – June 30, 2022

 

 

3,503

 

 

 

4.86

 

 

 

8.80

 

 

$

1,209

 

Exercisable – June 30, 2022

 

 

950

 

 

 

3.56

 

 

 

7.40

 

 

 

1,047

 

Summary of RSA Activity

The following table summarizes the Company’s restricted stock award activity:

 

 

 

 

 

 

Weighted

 

 

 

Number of

 

 

Average

 

 

 

Shares

 

 

Grant Date

 

RSAs, unvested at December 31, 2021

 

 

161

 

 

$

9.39

 

Vested

 

 

(31

)

 

 

8.12

 

RSAs, unvested at June 30, 2022

 

 

130

 

 

 

9.69

 

Schedule of Stock-Based Compensation Expense

Total stock-based compensation recorded in the unaudited condensed consolidated statements of operations and comprehensive loss related to stock options, restricted stock awards and ESPP was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

354

 

 

$

172

 

 

$

687

 

 

$

347

 

General and administrative

 

 

625

 

 

 

360

 

 

 

1,208

 

 

 

660

 

Total stock-based compensation expense

 

$

979

 

 

$

532

 

 

$

1,895

 

 

$

1,007

 

Stock Option  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Options

The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021(1)

 

 

2022

 

 

2021

 

Expected term (in years)

 

 

5.66

 

 

 

 

 

 

5.99

 

 

 

5.95

 

Expected volatility

 

 

82.97

%

 

 

 

 

 

80.46

%

 

 

63.43

%

Risk-free rate

 

 

2.96

%

 

 

 

 

 

1.74

%

 

 

0.78

%

Dividend yield