Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Determine the Fair Values of Stock Options Granted

The assumptions used to determine the fair values of stock options granted to employees and directors under the 2021 Plan and 2018 Plan are presented as follows:

	Nine months ended September 30,
	2022	2021
Fair value of common stock	$2.30 - $16.56	$5.72 - $16.80
Dividend yield	—%	—%
Volatility	82.29% - 88.41%	80.60% - 91.25%
Risk-free interest rate	1.46% - 3.38%	0.50% - 1.07%
Expected term (years)	5.38 - 6.25	6.25

Summary of Option Activity

The Company’s stock option activity regarding employees, directors, and nonemployees is summarized as follows (in thousands excepts share and per share amounts):

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate intrinsic value
Options outstanding—December 31, 2021		3,643,796		$	5.75		8.69	$	34,754
Granted		3,102,266			8.43
Exercised		(93,898	)		1.12
Cancelled		(49,305	)		5.80
Forfeited		(369,877	)		7.60
Options outstanding—September 30, 2022		6,232,982		$	7.05		8.65	$	947
Options exercisable—September 30, 2022		1,678,330		$	5.12		7.79

Summary of Additional Information to Stock Option Activity Involving Employees and Directors

Additional information with regard to stock option activity involving employees and directors is as follows (in thousands except per share amounts):

	Nine months ended September 30,
	2022		2021
Weighted-average grant-date fair value per option of total options granted	$	6.04	$	6.49
Aggregate intrinsic value of stock options exercised	$	286	$	610

Summary of RSU Activity

The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2022:

	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2022		—		$	—
Granted		1,358,439			7.31
Vested		(154,388	)		9.10
Forfeited		(77,040	)		8.95
Outstanding at September 30, 2022		1,127,011		$	6.95

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees, included in the accompanying Statements of Operations as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Research and development expense	$	1,742	$	568	$	4,722	$	1,311
General and administrative expense		1,299		486		3,362		1,474
Total	$	3,041	$	1,054	$	8,084	$	2,785