Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.22.2.2
Common Stock (Tables)
 9 Months Ended
Sep. 30, 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

 

 

2,053,000

 

 

 

3.05

 

 

 

 

 

 

 

Exercised

 

 

(50,000

)

 

 

1.01

 

 

 

 

 

 

101

 

Forfeited/Cancelled

 

 

(175,929

)

 

 

6.48

 

 

 

 

 

 

 

Outstanding as of September 30, 2022

 

 

6,084,284

 

 

$

6.77

 

 

 

8.1

 

 

$

—

 

Options Exercisable at September 30, 2022

 

 

2,603,250

 

 

$

7.41

 

 

 

7.0

 

 

$

—

 
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,

 

 

2022

 

2021

Risk-free interest rate

 

1.47%—3.36%

 

0.63%—1.55%

Expected term

 

5.5 years - 6.1 years

 

5.5 years - 6.1 years

Expected volatility

 

79%—83%

 

79%—81%

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

868

 

 

$

683

 

 

$

2,597

 

 

$

2,003

 

General and administrative

 

 

863

 

 

 

825

 

 

 

2,722

 

 

 

2,200

 

Total

 

$

1,731

 

 

$

1,508

 

 

$

5,319

 

 

$

4,203