Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.21.2
Common Stock (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Summary of Stock Option Activity A summary of stock option activity is presented below:

 

 

Number of

Shares

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Term (years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding as of January 1, 2021

 

 

2,900,479

 

 

$

7.33

 

 

 

8.5

 

 

$

16,303

 

Granted

 

 

1,271,233

 

 

 

11.33

 

 

 

 

 

 

 

 

 

Exercised

 

 

(9,563

)

 

 

6.30

 

 

 

 

 

 

 

38

 

Forfeited/Cancelled

 

 

(213,895

)

 

 

10.82

 

 

 

 

 

 

 

 

 

Outstanding as of June 30, 2021

 

 

3,948,254

 

 

$

8.43

 

 

 

8.5

 

 

$

8,423

 

Options Exercisable at June 30, 2021

 

 

1,494,824

 

 

$

5.58

 

 

 

7.8

 

 

$

6,039

 

 
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

 

The fair value of each award is estimated using Black-Scholes based on the following assumptions:

 

 

 

Six Months Ended

June 30,

 

 

2021

 

2020

Risk-free interest rate

 

0.63%—1.55%

 

0.42%—1.48%

Expected term

 

5.5—6.1 years

 

5.7—6.1 years

Expected volatility

 

79%—81%

 

70%—73%

Expected dividend yield

 

0%

 

0%
Summary of Stock-Based Compensation

 

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

701

 

 

$

491

 

 

$

1,320

 

 

$

910

 

General and administrative

 

 

684

 

 

 

576

 

 

 

1,375

 

 

 

1,030

 

Total

 

$

1,385

 

 

$

1,067

 

 

$

2,695

 

 

$

1,940