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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

1,427

 

 

$

1,267

 

 

$

4,125

 

 

$

3,376

 

General and administrative

 

 

2,161

 

 

 

3,099

 

 

 

6,937

 

 

 

17,931

 

Total

 

$

3,588

 

 

$

4,366

 

 

$

11,062

 

 

$

21,307

 

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the nine months ended September 30, 2022:

 

 

 

Number of
Shares

 

 

Weighted - Average
Grant Date
Fair Value

 

Outstanding at December 31, 2021

 

 

975,046

 

 

$

18.00

 

Granted

 

 

 

 

$

 

Vested

 

 

(335,305

)

 

$

18.00

 

Forfeited

 

 

(10,734

)

 

$

18.00

 

Outstanding at September 30, 2022

 

 

629,007

 

 

$

18.00

 

 

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the nine months ended September 30, 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

 

 

1,667,200

 

 

$

6.29

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Forfeited

 

 

(19,708

)

 

$

26.95

 

 

 

 

 

 

 

Expired

 

 

(15,464

)

 

$

39.12

 

 

 

 

 

 

 

Balance at September 30, 2022

 

 

2,718,930

 

 

$

14.00

 

 

9.06

 

 

$

2,733,693

 

Vested and expected to vest at September 30, 2022

 

 

2,718,930

 

 

$

14.00

 

 

 

9.06

 

 

$

2,733,693

 

Exercisable at September 30, 2022

 

 

408,742

 

 

$

26.18

 

 

8.34

 

 

$

 

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:

 

 

 

Nine Months Ended
September 30,

 

 

2022

 

2021

Expected volatility

 

74.8%

 

74.7%

Risk-free interest rate

 

2.09%

 

0.99%

Expected dividend yield

 

0.0%

 

0.0%

Expected term

 

6.04

 

5.86

Schedule of Common Stock Reserved for Future Issuance

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

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Warrants for the purchase of common stock

 

 

 

 

 

151,088

 

Common stock options and restricted stock units issued and outstanding

 

 

3,347,937

 

 

 

2,061,948

 

Awards available for future issuance under the 2020 Plan

 

 

3,022,529

 

 

 

3,211,854

 

Awards available for future issuance under the ESPP

 

 

1,208,484

 

 

 

822,811

 

Total common stock reserved for future issuance

 

 

7,578,950

 

 

 

6,247,701