Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

A summary of the status of stock options as of December 31, 2021 and March 31, 2022 and changes during the three months ended March 31, 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		951,300			1.59
Exercised		(37,700	)		0.04
Cancelled		(43,716	)		9.93
Outstanding at March 31, 2022		7,527,152		$	7.45		6.9	$	26
Exercisable at March 31, 2022		4,081,501		$	9.01		5.4	$	26

Summary of Status of Restricted Stock Units

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

				Weighted
				Average Grant
	Shares			Date Fair Value
Outstanding at December 31, 2021		2,687,487		$	6.52
Granted		2,768,128			1.58
Vested		(739,561	)		7.32
Forfeited		(176,325	)		6.76
Outstanding at March 31, 2022		4,539,729		$	3.37

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 March 31,
	2022			2021
Weighted-average risk-free interest rate		1.98	%		0.78	%
Expected dividend yield		—	%		—	%
Expected option term (in years)		6.07			6.08
Volatility		80.70	%		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 March 31,
	2022		2021
Research and development	$	1,395	$	1,323
General and administrative		1,468		1,607
Total stock-based compensation expense	$	2,863	$	2,930