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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Assumptions used to Determine Grant Date Fair Value under ESPP Offering

The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value under the ESPP offering were as follows:

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

 

2021

 

Risk-free interest rate

 

 

 

 

 

 

0.05

%

Expected term (in years)

 

 

 

 

 

 

0.50

 

Expected volatility

 

 

 

 

 

 

61.91

%

Expected dividend yield

 

 

 

 

 

 

0.00

%

 

Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model

The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted-average basis:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Risk-free interest rate

 

 

0.80

%

 

 

0.45

%

 

 

1.94

%

Expected term (in years)

 

 

6.00

 

 

 

6.07

 

 

 

6.10

 

Expected volatility

 

 

75.99

%

 

 

72.26

%

 

 

71.41

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Schedule of Share Option Activity

The following table summarizes the Company’s share option activity:

 

 

2021

 

 

 

Number of
shares

 

 

Weighted
average
exercise
price

 

 

Weighted
average
remaining
contractual
term
(in years)

 

 

Intrinsic value (in thousands)

 

Outstanding,
   January 1

 

 

4,132,123

 

 

$

6.39

 

 

 

 

 

 

 

Granted

 

 

1,645,416

 

 

$

34.14

 

 

 

 

 

 

 

Exercised

 

 

(333,996

)

 

$

2.96

 

 

 

 

 

 

 

Forfeited

 

 

(120,952

)

 

$

25.26

 

 

 

 

 

 

 

Outstanding,
   December 31

 

 

5,322,591

 

 

$

14.76

 

 

 

8.15

 

 

$

55,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options
   exercisable,
   December 31

 

 

2,090,060

 

 

$

6.28

 

 

 

7.47

 

 

$

32,409

 

Options unvested,
   December 31

 

 

3,232,531

 

 

$

20.24

 

 

 

8.59

 

 

$

23,313

 

Schedule of Share-based Compensation Expense

Share-based compensation expense for all awards was allocated as follows:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Research and development

 

$

5,681

 

 

$

890

 

 

$

250

 

General and administrative

 

 

7,148

 

 

 

1,647

 

 

 

261

 

Total share-based compensation expense

 

$

12,829

 

 

$

2,537

 

 

$

511

 

Share-based compensation expense by type of award was as follows:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Stock options

 

$

12,632

 

 

$

2,537

 

 

$

511

 

ESPP

 

 

197

 

 

 

-

 

 

 

-

 

Total share-based compensation expense

 

$

12,829

 

 

$

2,537

 

 

$

511