XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [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 condensed statements of operations and allocated as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,186

 

 

$

766

 

 

$

3,451

 

 

$

1,690

 

General and administrative

 

 

1,545

 

 

 

1,155

 

 

 

4,169

 

 

 

2,613

 

Total stock-based compensation expense

 

$

2,731

 

 

$

1,921

 

 

$

7,620

 

 

$

4,303

 

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

 

 

1,379,384

 

 

$

6.39

 

 

 

 

Exercised

 

 

(76,815

)

 

$

6.42

 

 

 

 

Cancelled

 

 

(367,234

)

 

$

13.19

 

 

 

 

Balance, September 30, 2022

 

 

5,189,839

 

 

$

8.78

 

 

 

8.9

 

Exercisable, September 30, 2022

 

 

1,444,905

 

 

$

9.01

 

 

 

8.4

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Expected term in years

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

96

%

 

 

91

%

 

 

94

%

 

 

91

%

Risk-free interest rate

 

 

3.6

%

 

 

0.9

%

 

 

3.0

%

 

 

0.9

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of share-based awards granted

 

$

8.81

 

 

$

10.33

 

 

$

4.91

 

 

$

7.26

 

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

 

 

(141,649

)

 

 

4.02

 

Forfeited

 

 

 

 

 

 

Balance, September 30, 2022

 

 

352,265

 

 

$

4.02