Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Total Compensation Expense

The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	997	$	413
General and administrative		903		472
Total	$	1,900	$	885

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan for the three months ended March 31, 2022:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (thousands)
Outstanding as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Granted		876,524			10.75
Exercised		(134,500	)		3.68
Cancelled or forfeited		(293,638	)		7.81
Outstanding as of March 31, 2022		6,270,759		$	7.71		7.82	$	5,782
Vested or expected to vest as of March 31, 2022		6,270,759		$	7.71		7.82	$	5,782
Options exercisable as of March 31, 2022		2,415,621		$	4.52		6.41	$	4,977

Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:

	Three Months Ended March 31,
	2022			2021
Risk-free interest rate		1.67	%		0.70	%
Expected dividend yield	0%			0%
Expected option term (in years) range	5.15 - 6.08			6.08
Expected stock price volatility		83.55	%		72.65	%