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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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 six months ended June 30, 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

 

 

999,554

 

 

$

3.39

 

 

 

 

 

 

 

Exercised

 

 

(73,784

)

 

$

3.22

 

 

 

 

 

 

 

Forfeited

 

 

(386,520

)

 

$

8.90

 

 

 

 

 

 

 

Expired

 

 

(113,360

)

 

$

14.12

 

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

3,452,354

 

 

$

8.95

 

 

 

8.62

 

 

$

97

 

       Options expected to vest as of June 30, 2022

 

 

2,212,456

 

 

$

6.92

 

 

 

9.02

 

 

$

97

 

Exercisable at June 30, 2022

 

 

1,239,898

 

 

$

12.59

 

 

 

7.90

 

 

$

 

Summary of Restricted Stock Unit Activity

The following is a summary of the restricted stock unit activity during the six months ended June 30, 2022:

 

 

Restricted Stock Units

 

 

Weighted-
Average
Grant Date Fair Value

 

Unvested at December 31, 2021

 

 

 

 

$

 

   Granted

 

 

239,963

 

 

$

3.74

 

Forfeited

 

 

(14,133

)

 

$

4.30

 

Unvested at June 30, 2022

 

 

225,830

 

 

$

3.70

 

Summary of Common Stock Warrant Activity

The following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 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 June 30, 2022

 

 

57,004

 

 

$

6.94

 

 

 

2.41

 

 

$

 

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:

 

 

 

Six Months Ended June 30,

 

 

2022

 

2021

Volatility

 

94%-97%

 

91%-98%

Expected life (years)

 

5.5-7

 

5.5-6.1

Risk-free interest rate

 

1.7%–3.2%

 

0.5%-1.1%

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 six months ended June 30, 2022 and 2021 (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

480

 

 

$

639

 

 

$

1,035

 

 

$

1,148

 

General and administrative

 

 

916

 

 

 

1,106

 

 

 

1,876

 

 

 

1,946

 

Total stock-based compensation expense

 

$

1,396

 

 

$

1,745

 

 

$

2,911

 

 

$

3,094