Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

A summary of the status of stock options as of December 31, 2021 and June 30, 2022 and changes during the six months ended June 30, 2022 is presented below:

								Aggregate
				Weighted		Remaining		Intrinsic
				Average		Contractual		Value
	Shares			Exercise Price		Life (in years)		(in thousands)
Outstanding at December 31, 2021		6,657,268		$	8.27	7.2		$	494
Granted		1,108,800			1.48
Exercised		(37,700	)		0.04
Cancelled		(79,190	)		10.58
Outstanding at June 30, 2022		7,649,178		$	7.30		6.7	$	29
Exercisable at June 30, 2022		4,250,393		$	8.94		5.2	$	—

Summary of Status of Restricted Stock Units

A summary of the status of restricted stock units as of December 31, 2021 and June 30, 2022 and changes during the six months ended June 30, 2022 is presented below:

				Weighted
				Average Grant
	Shares			Date Fair Value
Outstanding at December 31, 2021		2,687,487		$	6.52
Granted		3,031,128			1.51
Vested		(795,373	)		7.33
Forfeited		(332,542	)		5.99
Outstanding at June 30, 2022		4,590,700		$	3.11

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Weighted-average risk-free interest rate		2.95	%		0.88	%		2.12	%		0.79	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected option term (in years)		5.32			5.46			5.97			5.99
Volatility		83.60	%		82.05	%		81.11	%		82.10	%

Summary of Stock-based Compensation Expense for Stock Options and Restricted Stock Units

The following table summarizes the stock-based compensation expense for stock options and restricted stock units granted to employees and non-employees recorded in the Company’s condensed consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,433	$	1,451	$	2,828	$	2,775
General and administrative		1,256		1,002		2,724		2,608
Total stock-based compensation expense	$	2,689	$	2,453	$	5,552	$	5,383