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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Award Activity

The following is a summary of the stock option award activity during the three months ended March 31, 2022:

 

 

 

Number
of Stock
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2021

 

 

3,026,464

 

 

$

10.84

 

 

 

8.51

 

 

$

6,403

 

Granted

 

 

681,704

 

 

$

4.05

 

 

 

 

 

 

 

Exercised

 

 

(73,784

)

 

$

3.22

 

 

 

 

 

 

 

Forfeited

 

 

(206,800

)

 

$

9.58

 

 

 

 

 

 

 

Expired

 

 

 

 

$

 

 

 

 

 

 

 

Outstanding at March 31, 2022

 

 

3,427,584

 

 

$

9.73

 

 

 

8.58

 

 

$

 

       Options expected to vest as of March 31, 2022

 

 

2,262,393

 

 

$

8.03

 

 

 

9.12

 

 

$

 

Exercisable at March 31, 2022

 

 

1,165,191

 

 

$

13.03

 

 

 

7.53

 

 

$

 

Summary of Restricted Stock Unit Activity

The following is a summary of the restricted stock unit activity during the three months ended March 31, 2022:

 

 

Restricted Stock Units

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested at December 31, 2021

 

 

 

 

 

 

   Granted

 

 

205,201

 

 

$

4.02

 

Unvested at March 31, 2022

 

 

205,201

 

 

$

4.02

 

Summary of Common Stock Warrant Activity

The following is a summary of the employee-issued common stock warrant activity during the three months ended March 31, 2022:

 

 

Number
of Common
Stock
Warrants

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Outstanding at December 31, 2021

 

 

57,004

 

 

$

6.94

 

 

 

2.91

 

 

$

2

 

   Granted

 

 

 

 

$

 

 

 

 

 

 

 

   Exercised

 

 

 

 

$

 

 

 

 

 

 

 

   Expired

 

 

 

 

$

 

 

 

 

 

 

 

Outstanding and exercisable at March 31, 2022

 

 

57,004

 

 

$

6.94

 

 

 

2.66

 

 

$

 

Summary of Fair Value Assumptions and Methodology The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:

 

 

 

Three Months Ended March 31,

 

 

2022

 

2021

Volatility

 

93.67%-95.8%

 

91.5%-98.04%

Expected life (years)

 

5.84-7

 

5.52-6.08

Risk-free interest rate

 

1.7%–2.4%

 

0.5%-0.1.0%

Dividend rate

 

—%

 

—%

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

555

 

 

$

509

 

General and administrative

 

 

960

 

 

 

840

 

Total stock-based compensation expense

 

$

1,515

 

 

$

1,349