Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.22.1
Common Stock (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022

 

 

4,257,213

 

 

$

8.49

 

 

 

8.2

 

 

$

2,367

 

Granted

 

 

1,885,600

 

 

 

3.20

 

 

 

 

 

 

 

 

 

Exercised

 

 

(50,000

)

 

 

1.01

 

 

 

 

 

 

 

101

 

Forfeited/Cancelled

 

 

(6,400

)

 

 

14.37

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2022

 

 

6,086,413

 

 

$

6.91

 

 

 

8.5

 

 

$

819

 

Options Exercisable at March 31, 2022

 

 

2,114,852

 

 

$

6.87

 

 

 

7.4

 

 

$

727

 

 

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:

 

 

 

Three Months Ended

March 31,

 

 

2022

 

2021

Risk-free interest rate

 

1.47%—2.12%

 

0.63%—1.01%

Expected term

 

6.1 years

 

6.1 years

Expected volatility

 

79%—81%

 

79%—80%

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

March 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

872

 

 

$

619

 

General and administrative

 

 

939

 

 

 

691

 

Total

 

$

1,811

 

 

$

1,310