Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.21.2
Common Stock (Tables)
 9 Months Ended
Sep. 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

 

 

1,429,233

 

 

 

11.20

 

 

 

 

 

 

 

 

 

Exercised

 

 

(58,024

)

 

 

8.94

 

 

 

 

 

 

 

81

 

Forfeited/Cancelled

 

 

(232,707

)

 

 

10.87

 

 

 

 

 

 

 

 

 

Outstanding as of September 30, 2021

 

 

4,038,981

 

 

$

8.47

 

 

 

8.3

 

 

$

16,484

 

Options Exercisable at September 30, 2021

 

 

1,603,995

 

 

$

5.70

 

 

 

7.6

 

 

$

10,983

 

 
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:

 

 

 

Nine Months Ended

September 30,

 

 

2021

 

2020

Risk-free interest rate

 

0.63%—1.15%

 

0.28%—1.48%

Expected term

 

5.5—6.1 years

 

5.7—6.1 years

Expected volatility

 

79%—81%

 

70%—79%

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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

683

 

 

$

539

 

 

$

2,003

 

 

$

1,449

 

General and administrative

 

 

825

 

 

 

588

 

 

 

2,200

 

 

 

1,618

 

Total

 

$

1,508

 

 

$

1,127

 

 

$

4,203

 

 

$

3,067