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Stock-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

The table below summarizes the stock option activity, including options with market and performance conditions, for the year ended December 31, 2021:


	Number of options	Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at beginning of period	958,945	$	9.59	7.5
Options granted	376,844	14.55
Options exercised	(26,922)	2.40
Options forfeited	(23,101)	13.04
Options expired	(84,557)	16.31
Outstanding at end of period	1,201,209	$	10.77	7.3
Options exercisable at end of period	617,269	$	9.90	6.1

Assumptions Used in Black-Scholes Pricing Model for New Grants

The weighted-average assumptions used to value the stock options using the Black-Scholes option-pricing were as follows:

Year Ended December 31,

2021

2020

Risk-free interest rate

0.56% to 1.05%

0.35% to 0.49%

Expected dividend yield

—%

Expected volatility

77.2% to 90.3%

86.1% to 89.5%

Expected term (in years)

5.4 to 7.7

5.8 to 6.1

Weighted-average grant-date fair value per share

$10.65

$5.96

Restricted Stock Activity

The table below summarizes the restricted stock units activity for the year ended December 31, 2021:


	Number of restricted shares	Weighted average grant date fair value
Unvested at beginning of period	73,754	$	7.86
Granted	41,903	10.32
Vested	(33,933)	8.39
Forfeited/cancelled	(709)	7.78
Unvested at end of period	81,015	$	8.91

The following summarizes the weighted average fair value at the date of grant:


	Year Ended December 31,
	2021		2020
Per grant of restricted stock unit	$	10.32	$	7.90

Share-based Compensation Expense

Stock-based compensation expenses included in the Company’s consolidated statements of operations for the year ended December 31, 2021 and 2020 were (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	809	$	132
General and administrative	2,070		942
Total	$	2,879	$	1,074

See Note 11 for additional discussion regarding stock compensation expense related to the accelerated vesting of certain non-vested equity awards.