Stock-based compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Summary of Stock Options |
Stock option activity during the year ended December 31, 2021 and 2020 was as follows:
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Number of
Options |
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Weighted-
Average
Exercise
Price per Share |
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Weighted-
Average
Remaining
Contractual
Term (years) |
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Aggregate
Intrinsic
Value (in $000) |
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Outstanding as of December 31, 2019 |
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346,872 |
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$ |
1.30 |
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9.01 |
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$ |
744 |
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Granted |
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5,382,362 |
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$ |
11.42 |
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Exercised |
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(188,990 |
) |
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$ |
2.33 |
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|
810 |
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Forfeited |
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(52,096 |
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$ |
1.76 |
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Outstanding as of December 31, 2020 |
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5,488,148 |
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$ |
11.19 |
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9.57 |
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$ |
90,335 |
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Granted |
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482,380 |
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$ |
20.31 |
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Exercised |
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(123,621 |
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$ |
3.16 |
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2,338 |
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Forfeited or expired |
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(154,393 |
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$ |
13.66 |
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Outstanding as of December 31, 2021 |
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5,692,514 |
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$ |
12.07 |
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|
8.63 |
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$ |
16,763 |
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Options vested and expected to vest as of
December 31, 2021 |
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5,652,622 |
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$ |
12.13 |
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8.63 |
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$ |
16,427 |
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Options vested and exercisable as of
December 31, 2021 |
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1,788,095 |
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$ |
9.48 |
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8.40 |
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$ |
8,072 |
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| Summary of Stock Based Compensation Expense Was Allocated |
Stock-based compensation expense was allocated as follows for the years ended December 31, 2021 and December 31, 2020:
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(in thousands) |
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2021 |
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2020 |
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Research and development |
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$ |
7,554 |
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$ |
1,041 |
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General and administrative |
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5,903 |
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1,934 |
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Total |
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$ |
13,457 |
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$ |
2,975 |
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| 2020 Employee Stock Purchase Plan [Member] |
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| Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options |
The assumptions that the Company used to determine the grant-date fair value of shares granted to participants were as follows, disclosed on a grant date basis:
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2021 |
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Expected term (in years) |
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0.5 - 2.0 years |
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Risk-free interest rate |
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0.03% - 0.54% |
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Dividend yield |
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— |
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Volatility |
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50.41% - 97.14% |
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Weighted-average estimated fair value of purchase rights |
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$4.13 - $13.49 |
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| Restricted Stock [Member] |
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| Summary of Stock Options |
The following table summarizes the Company’s restricted common stock activity for years ended December 31, 2021 and 2020:
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Number
of Awards |
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Weighted-
Average
Grant Date
Fair Value
per Share |
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Aggregate
Fair Value
(in $000) |
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Issued and unvested as of December 31, 2019 |
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827,187 |
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$ |
1.01 |
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$ |
834 |
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Restricted stock awards granted |
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— |
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— |
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Restricted stock awards vested |
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(418,776 |
) |
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$ |
0.86 |
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(361 |
) |
Issued and unvested as of December 31, 2020 |
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408,411 |
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$ |
1.16 |
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$ |
473 |
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Restricted stock awards granted |
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— |
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— |
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Restricted stock awards vested |
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(319,357 |
) |
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$ |
1.12 |
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(356 |
) |
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Issued and unvested as of December 31, 2021 |
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89,054 |
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$ |
1.30 |
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$ |
117 |
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| Stock Option [Member] |
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| Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options |
The assumptions that the Company used to determine the grant-date fair value of stock options granted to Participants were as follows, presented on a weighted-average basis:
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2021 |
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2020 |
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Expected term (in years) |
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5.72 |
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|
5.79 |
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Risk-free interest rate |
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|
0.99 |
% |
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|
0.93 |
% |
Dividend yield |
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|
— |
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— |
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Volatility |
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|
81.21 |
% |
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|
77.14 |
% |
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