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Stock Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based compensation expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended March 31,
20222021
Research and development expenses$704$56
General and administrative expenses1,090108
Total$1,794$164
Schedule of assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the three months ended March 31, 2022 and 2021:
March 31,
2022
March 31,
2021
Risk‑free interest rate1.61 %0.63 %
Expected volatility70 %76 %
Expected dividend yield— — 
Expected term (in years)6.066.04
Summary of the stock option activity
The following table summarizes the Company’s stock option activity during the three months ended March 31, 2022:
Number of
Shares
Weighted‑
Average
Exercise
Price
Outstanding as of December 31, 2021
3,461,870$10.38
Granted999,31511.67
Exercised(24,891)2.00
Forfeited(23,627)10.73
Outstanding as of March 31, 2022
4,412,667$10.72
Exercisable as of March 31, 2022 (1)
2,385,606$6.25
(1)This represents the number of vested and unvested options exercisable as of March 31, 2022.
Summary of unvested restricted stock
A summary of restricted stock activity during the three months ended March 31, 2022 is as follows:
SharesWeighted‑
Average
Grant‑Date
Fair Value
Unvested as of December 31, 2021
$
Issued302,27911.57
Forfeited(4,525)11.57
Unvested as of March 31, 2022
297,754$11.57