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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options
The Company estimated the fair value of the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:
Year Ended
December 31,
20212020
Estimated dividend yield
0 %0 %
Expected share price volatility (weighted average and range, if applicable)
91.4% (90.7% to 93.1%)
91.5% (89.4% to 91.6%)
Risk-free interest rate (weighted average and range, if applicable)
0.78% (0.62% to 1.32%)
0.46% (0.34% to 0.75%)
Expected term of options (in years) (weighted average and range, if applicable)
6.05 (6.00 to 6.25)
6.00
Summary of Stock-Based Compensation Expense and Remaining Unrecognized Costs
The following tables show a summary of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020, and remaining unrecognized cost as of December 31, 2021 and 2020:
Year Ended
December 31,
($ in thousands)20212020
Research and development
$3,220 $1,135 
General and administrative
6,926 3,559 
Total
$10,146 $4,694 
As of December 31,
($ in thousands)20212020
Unrecognized share-based compensation cost$13,346 $5,789 
Expected weighted average period compensation costs to be recognized (years)2.31.7
Summary of Stock Option Activity
A summary of option activity under the Company’s stock option plans during the years ended December 31, 2021 and 2020 is presented below:
Number of
Shares
Weighted
Average
Exercise
Price
Per Share
Weighted
Average
Remaining
Contractual
Term
(years)
Aggregate
Intrinsic
Value
(in thousands)
Options outstanding at December 31, 2020
4,813,262 $6.04 6.6$20,422 
Granted2,250,617 10.25 
Exercised(188,278)2.98 
Forfeited(164,409)8.47 
Options outstanding at December 31, 2021
6,711,192 $7.48 5.3$8,276 
Vested and exercisable, December 31, 2021
4,642,546 $6.28 3.6$8,276 
Vested and expected to vest, December 31, 2021
6,711,192 $7.48 5.3$8,276