XML 24 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation . Stock-Based Compensation

Stock Incentive Plan

As of March 31, 2022, the Company had 2,548,834 shares of its common stock available for future issuance under its stock incentive plan.

Stock Options

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Fair value of common stock

 

$

8.58

 

 

$

22.51

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

78.3

%

 

 

79.7

%

Risk-free interest rate

 

 

1.7

%

 

 

0.7

%

Dividend yield

 

 

 

 

 

 

During the three months ended March 31, 2022 and 2021, the Company granted stock options to purchase 1,818,298 shares and 394,934 shares of its common stock, respectively, with a weighted-average grant-date fair value of $5.84 and $15.27 per share, respectively. As of March 31, 2022, total unrecognized compensation expense related to stock options was $20.9 million, which is expected to be recognized over a weighted-average period of 2.84 years.

As of March 31, 2022, options for 165,348 shares of Company common stock with a weighted average exercise price of $1.97 were exercised and unvested. The underlying proceeds from the unvested exercises of $0.3 million is recorded in other current liabilities on the condensed consolidated balance sheet.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:

 

 

Three Months Ended March 31,

 

(in thousands)

 

2022

 

 

2021

 

Research and development

 

$

796

 

 

$

449

 

General and administrative

 

 

950

 

 

 

442

 

Total stock-based compensation expense

 

$

1,746

 

 

$

891