Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans (Tables)

v3.22.2.2
Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
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.

 

 

Three Months
Ended
September 30,

 

 

Nine Months
Ended
September 30,

 

 

 

2022

 

 

2022

 

Expected volatility

 

 

73.00

%

 

73.00% - 74.00%

 

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term (in years)

 

0.5

 

 

0.5

 

Risk-free interest rate

 

 

1.63

%

 

0.10% - 1.63%

 

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.

 

 

 

Three Months
Ended
September 30,

 

 

Nine Months
Ended
September 30,

 

 

 

2022

 

 

2022

 

Expected volatility

 

 

74.00

%

 

 

74.00

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term (in years)

 

6.01

 

 

5.97-6.01

 

Risk-free interest rate

 

2.65%-3.38%

 

 

1.91%-3.39%

 

 

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:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in
thousands)

 

Outstanding as of December 31, 2021

 

 

5,056,743

 

 

$

8.77

 

 

 

9.2

 

 

$

18,503

 

Options granted - 2021 Plan

 

 

3,151,202

 

 

$

8.12

 

 

 

 

 

 

 

Options exercised

 

 

(60,945

)

 

$

0.30

 

 

 

 

 

 

 

Options cancelled

 

 

(297,410

)

 

$

8.91

 

 

 

 

 

 

 

Outstanding as of September 30, 2022

 

 

7,849,590

 

 

$

8.57

 

 

 

8.8

 

 

$

769

 

Exercisable

 

 

1,953,741

 

 

$

8.51

 

 

 

8.2

 

 

$

360

 

Vested and expected to vest as of September 30, 2022

 

 

7,849,590

 

 

$

8.57

 

 

 

8.8

 

 

$

769

 

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):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Restricted stock awards and founders’ common stock awards

 

$

2

 

 

$

12

 

 

$

6

 

 

$

13

 

ESPP

 

 

58

 

 

 

97

 

 

 

316

 

 

 

103

 

Stock options

 

 

3,150

 

 

 

2,265

 

 

 

9,590

 

 

 

5,309

 

Total stock-based compensation expense

 

$

3,210

 

 

$

2,374

 

 

$

9,912

 

 

$

5,425

 

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):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development expenses

 

$

1,249

 

 

$

824

 

 

$

3,881

 

 

$

1,635

 

General and administrative expenses

 

 

1,961

 

 

 

1,550

 

 

 

6,031

 

 

 

3,790

 

Total stock-based compensation expense

 

$

3,210

 

 

$

2,374

 

 

$

9,912

 

 

$

5,425