Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2022 and 2021 has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	1,300	$	954
General and administrative		2,332		3,689
Total	$	3,632	$	4,643

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the three months ended March 31, 2022:

	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2021		975,046		$	18.00
Granted		—		$	—
Vested		(112,473	)	$	18.00
Outstanding at March 31, 2022		862,573		$	18.00

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the three months ended March 31, 2022:

	Number of Options		Weighted - Average Exercise Price Per Share		Weighted -Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2021		1,086,902	$	26.76		9.22	$	991,495
Granted		1,391,000	$	6.68
Exercised		—	$	—
Balance at March 31, 2022		2,477,902	$	15.49	9.49		$	3,000
Vested and expected to vest at March 31, 2022		2,477,902	$	15.49	9.49		$	3,000
Exercisable at March 31, 2022		209,947	$	25.46	8.81		$	—

Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Three Months Ended March 31,
	2022	2021
Expected volatility	74.6%	76.4%
Risk-free interest rate	1.88%	0.52%
Expected dividend yield	0.0%	0.0%
Expected term	4.42 years	4.77 years

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

	March 31, 2022		December 31, 2021
Warrants for the purchase of common stock		—		151,088
Common stock options and restricted stock units issued and outstanding		3,340,475		2,061,948
Awards available for future issuance under the 2020 Plan		3,252,823		3,211,854
Awards available for future issuance under the ESPP		1,217,966		822,811
Total common stock reserved for future issuance		7,811,264		6,247,701