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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Pre-funded Warrants for Common Stock Issued and Outstanding

As of June 30, 2022, the following pre-funded warrants for common stock were issued and outstanding:

 

Issue Date

 

Expiration Date

 

Exercise Price

 

 

Number of Warrants Outstanding

 

February 8, 2019

 

None

 

$

0.0001

 

 

 

3,750,000

 

April 30, 2020

 

None

 

$

0.0001

 

 

 

11,860,328

 

May 20, 2022

 

None

 

$

0.0001

 

 

 

17,372,312

 

Total pre-funded warrants

 

 

 

 

 

 

 

 

32,982,640

 

Schedule of Company's Stock Awards Granted

The following table summarizes the Company’s stock awards granted for each of the periods indicated:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Grants

 

 

Weighted Average Grant Date Fair Value

 

 

Grants

 

 

Weighted Average Grant Date Fair Value

 

 

Grants

 

 

Weighted Average Grant Date Fair Value

 

 

Grants

 

 

Weighted Average Grant Date Fair Value

 

Stock options

 

 

429,000

 

 

$

0.96

 

 

 

493,500

 

 

$

4.85

 

 

 

2,572,000

 

 

$

2.81

 

 

 

2,161,400

 

 

$

5.07

 

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense related to the 2016 Plan and 2016 ESPP was as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

691

 

 

$

717

 

 

$

1,392

 

 

$

1,354

 

General and administrative

 

 

1,327

 

 

 

1,363

 

 

 

2,726

 

 

 

2,483

 

Total stock-based compensation expense

 

$

2,018

 

 

$

2,080

 

 

$

4,118

 

 

$

3,837

 

Schedule of Estimated Fair Value of Stock Options Granted

The following table summarizes the weighted-average Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted under the Company’s 2016 Plan, and the shares purchasable under the 2016 ESPP during the periods presented:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

2016 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

5.98

 

 

 

5.83

 

 

 

6.01

 

 

 

5.97

 

Expected volatility

 

 

82

%

 

 

83

%

 

 

82

%

 

 

83

%

Risk-free interest

 

 

2.96

%

 

 

1.03

%

 

 

2.07

%

 

 

0.82

%

Dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 ESPP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

 

 

 

 

 

 

0.49

 

 

 

0.49

 

Expected volatility

 

 

 

 

 

 

 

 

76

%

 

 

97

%

Risk-free interest

 

 

 

 

 

 

 

 

1.09

%

 

 

0.08

%

Dividend yield