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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-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the 2020 Plan, 2021 Plan, and ESPP was recorded in the statements of operations and allocated as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,253

 

 

$

611

 

 

$

2,265

 

 

$

924

 

General and administrative

 

 

1,306

 

 

 

852

 

 

 

2,624

 

 

 

1,458

 

Total stock-based compensation expense

 

$

2,559

 

 

$

1,463

 

 

$

4,889

 

 

$

2,382

 

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Outstanding Options

 

 

 

Shares

 

 

Weighted-
Average
Exercise

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

Balance, December 31, 2021

 

 

4,254,504

 

 

$

9.89

 

 

 

9.4

 

Granted

 

 

1,196,184

 

 

 

5.65

 

 

 

 

Exercised

 

 

(15,410

)

 

 

6.04

 

 

 

 

Cancelled

 

 

(219,046

)

 

 

14.81

 

 

 

 

Balance, June 30, 2022

 

 

5,216,232

 

 

$

8.72

 

 

 

9.1

 

Exercisable, June 30, 2022

 

 

1,190,432

 

 

$

9.00

 

 

 

8.6

 

Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The Company estimates the fair value of stock options using the Black-Scholes option pricing model and the fair value of these stock options was estimated using the following weighted-average assumptions:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Expected term in years

 

 

5.9

 

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

95

%

 

 

91

%

 

 

93

%

 

 

91

%

Risk-free interest rate

 

 

3.4

%

 

 

1.0

%

 

 

2.9

%

 

 

0.9

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of share-based awards granted

 

$

3.93

 

 

$

13.27

 

 

$

4.31

 

 

$

6.93

 

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:

 

 

 

Number of
Restricted
Stock Awards

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance, December 31, 2021

 

 

493,914

 

 

$

4.02

 

Granted

 

 

 

 

 

 

Released

 

 

(94,432

)

 

 

4.02

 

Forfeited

 

 

 

 

 

 

Balance, June 30, 2022

 

 

399,482

 

 

$

4.02