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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2021
Stock-Based Compensation  
Schedule of stock option activity

Weighted

Weighted

Average

Average

Exercise

Remaining

Price

Contractual

    

Shares

    

Per Share

    

Term (In Years)

Options outstanding at December 31, 2020

 

3,042,229

$

28.93

8.2

Granted

 

1,340,010

$

27.97

Exercised

 

(2,058)

$

4.74

Canceled

 

(35,559)

$

9.78

Options outstanding at June 30, 2021

 

4,344,622

$

28.80

8.4

Options vested and expected to vest at June 30, 2021

 

4,174,361

$

29.17

8.4

Options exercisable at June 30, 2021

 

1,445,834

$

51.46

6.7

Shares available for grant under the 2021 Plan

 

3,294,526

Schedule of stock-based compensation expense

Three months ended June 30, 

Six months ended June 30, 

    

2021

    

2020

    

2021

    

2020

(In thousands)

(In thousands)

Research and development

$

762

$

342

$

1,423

$

652

General and administrative

 

747

 

380

 

1,361

 

756

Total stock-based compensation expense

$

1,509

$

722

$

2,784

$

1,408

Schedule of assumptions used for the fair value of employee stock options granted

Three months ended June 30, 

Six months ended June 30, 

    

    

2021

2020

    

2021

    

2020

Expected stock price volatility

 

97 – 98%

97%

97 – 98%

91 – 97%

Expected option term

 

6.0 Years

6.0 Years

6.0 Years

6.0 Years

Risk-free interest rate

 

1.2 – 1.3%

0.5%

0.8 – 1.3%

0.5 – 0.6%

Expected dividend yield

 

None

None

None

None