Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v3.22.4
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the 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, 2022

 

 

4,257,213

 

 

$

8.49

 

 

 

8.2

 

 

 

2,367

 

Granted

 

 

2,101,500

 

 

 

3.11

 

 

 

 

 

 

 

Exercised

 

 

(50,000

)

 

 

1.01

 

 

 

 

 

 

101

 

Forfeited/Cancelled

 

 

(295,329

)

 

 

6.78

 

 

 

 

 

 

 

Outstanding as of December 31, 2022

 

 

6,013,384

 

 

$

6.60

 

 

 

7.8

 

 

$

22,202

 

Options Exercisable at December 31, 2022

 

 

2,834,006

 

 

$

7.41

 

 

 

6.8

 

 

$

9,080

 
Summary 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:

 

 

 

For the Year Ended December 31,

 

 

2022

 

2021

Risk-free interest rate

 

1.47%—4.18%

 

0.63%—1.39%

Expected term

 

5.5—6.1 years

 

5.5—6.1 years

Expected volatility

 

79%—83%

 

79%—81%

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:

 

 

 

For the Year Ended December 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

3,339

 

 

$

2,746

 

General and administrative

 

 

3,558

 

 

 

3,058

 

Total

 

$

6,897

 

 

$

5,804