Equity Incentive Plans (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
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Summary of Assumptions under Employee Stock Purchase Plan |
Effective January 1, 2022, the number of shares of common stock available under the 2021 ESPP increased by 564,000 shares pursuant to the evergreen provision of the 2021 ESPP.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2022 |
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Expected volatility |
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73.00 |
% |
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73.00% - 74.00% |
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Expected dividend yield |
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0 |
% |
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0 |
% |
Expected term (in years) |
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0.5 |
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0.5 |
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Risk-free interest rate |
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1.63 |
% |
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0.10% - 1.63% |
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Summary of Assumptions under Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards |
The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards granted during the periods presented, with the following assumptions.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2022 |
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Expected volatility |
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74.00 |
% |
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74.00 |
% |
Expected dividend yield |
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0 |
% |
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0 |
% |
Expected term (in years) |
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6.01 |
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5.97-6.01 |
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Risk-free interest rate |
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2.65%-3.38% |
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1.91%-3.39% |
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Summary of Option Activity |
A summary of option activity under the 2020 Plan and the 2021 Plan during the nine months ended September 30, 2022 is as follows:
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Number of Options |
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Weighted- Average Exercise Price Per Share |
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Weighted- Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
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Outstanding as of December 31, 2021 |
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5,056,743 |
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$ |
8.77 |
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9.2 |
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$ |
18,503 |
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Options granted - 2021 Plan |
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3,151,202 |
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$ |
8.12 |
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Options exercised |
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(60,945 |
) |
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$ |
0.30 |
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Options cancelled |
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(297,410 |
) |
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$ |
8.91 |
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Outstanding as of September 30, 2022 |
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7,849,590 |
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$ |
8.57 |
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8.8 |
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$ |
769 |
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Exercisable |
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1,953,741 |
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$ |
8.51 |
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8.2 |
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$ |
360 |
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Vested and expected to vest as of September 30, 2022 |
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7,849,590 |
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$ |
8.57 |
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8.8 |
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$ |
769 |
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Components of Stock-based Compensation Expense |
The following table presents the components of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Restricted stock awards and founders’ common stock awards |
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$ |
2 |
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$ |
12 |
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$ |
6 |
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$ |
13 |
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ESPP |
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58 |
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97 |
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316 |
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103 |
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Stock options |
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3,150 |
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2,265 |
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9,590 |
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5,309 |
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Total stock-based compensation expense |
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$ |
3,210 |
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$ |
2,374 |
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$ |
9,912 |
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$ |
5,425 |
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Classification of Stock-based Compensation Expense |
The following table presents the classification of stock-based compensation expense for the Company’s stock-based awards for the periods presented (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Research and development expenses |
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$ |
1,249 |
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$ |
824 |
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$ |
3,881 |
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$ |
1,635 |
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General and administrative expenses |
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1,961 |
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1,550 |
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6,031 |
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3,790 |
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Total stock-based compensation expense |
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$ |
3,210 |
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$ |
2,374 |
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$ |
9,912 |
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$ |
5,425 |
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