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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Company's Stock Option Activity
The following table summarizes the Company’s stock option activity:
 Stock
Options
Outstanding
Weighted-
average
Exercise
Price
Weighted-
average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In thousands) (1)
Outstanding at December 31, 20212,043,179 $57.00 9.0$31,331 
Granted1,179,500 $62.53 
Exercised(1,475)$37.34 
Cancelled or forfeited(68,342)$61.24 
Expired— $— 
Outstanding at March 31, 20223,152,862 $58.99 9.1$30,364 
Exercisable at March 31, 2022439,954 $44.52 7.6$10,929 
(1)Aggregate intrinsic value represents the difference between the closing stock price of our common stock on March 31, 2022 and the exercise price of outstanding in-the-money options.
Summary of Stock Based Compensation Expense Related to Issuance of Stock Option Awards and Restricted Stock Awards
The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 as follows (in thousands):
 Three Months Ended March 31,
 20222021
(unaudited)
Research and development$1,368 $516 
General and administrative4,582 1,615 
Total stock-based compensation$5,950 $2,131 
The Company recorded stock-based compensation expense related to RSAs of $480 thousand and $182 thousand for the three months ended March 31, 2022 and 2021, respectively, within general and administrative expenses in the accompanying condensed consolidated statements of operations (in thousands):
Three Months Ended March 31,
20222021
(unaudited)
General and administrative$480 $182 
Total stock-based compensation$480 $182 
Fair Value of Stock Options, Valuation Assumptions The fair value of options was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions for the three months ended March 31, 2022 and 2021:
 Three Months Ended March 31,
 20222021
Expected stock price volatility78 %73 %
Expected term of the award (years)6.246.22
Risk-free interest rate1.79 %1.00 %
Weighted average exercise price$62.53$77.46
Forfeiture rate— %— %
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Number of SharesWeighted Average
Grant Date
Fair Value
Non-vested RSAs as of December 31, 202198,800 $78.89 
Granted— $— 
Vested(14,321)$78.89 
Forfeited(10,379)$78.89 
Non-vested RSAs as of March 31, 202274,100 $78.89