Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v3.22.0.1
Common Stock (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021

 

 

2,900,479

 

 

$

7.33

 

 

 

8.5

 

 

 

16,303

 

Granted

 

 

1,653,733

 

 

 

10.87

 

 

 

 

 

 

 

 

 

Exercised

 

 

(64,292

)

 

 

9.00

 

 

 

 

 

 

 

102

 

Forfeited/Cancelled

 

 

(232,707

)

 

 

10.87

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2021

 

 

4,257,213

 

 

$

8.49

 

 

 

8.2

 

 

$

2,367

 

Options Exercisable at December 31, 2021

 

 

1,751,754

 

 

$

5.89

 

 

 

7.3

 

 

$

2,028

 

 

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:

 

 

 

For the Year Ended December 31,

 

 

2021

 

2020

Risk-free interest rate

 

0.63%—1.39%

 

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:

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

Research and development

 

$

2,746

 

 

$

1,989

 

General and administrative

 

 

3,058

 

 

 

2,399

 

Total

 

$

5,804

 

 

$

4,388