Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
| Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted |
The assumptions that the Company used to determine the grant-date fair value of options granted were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
Expected volatility |
|
74% |
|
|
75% |
|
Risk-free interest rate |
|
0.82% — 1.34% |
|
|
0.31% — 1.67% |
|
Expected term (in years) |
|
6 |
|
|
|
6 |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Summary of Stock Option Activity and Related Information |
The following table summarizes the option activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Life (in years) |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding January 1, 2021 |
|
|
6,421,589 |
|
|
$ |
6.97 |
|
|
|
9.5 |
|
|
$ |
90,112 |
|
Granted |
|
|
2,240,816 |
|
|
|
15.84 |
|
|
|
|
|
|
|
Exercised |
|
|
(147,499 |
) |
|
|
3.96 |
|
|
|
|
|
|
|
Canceled |
|
|
(547,156 |
) |
|
|
9.44 |
|
|
|
|
|
|
|
Outstanding December 31, 2021 |
|
|
7,967,750 |
|
|
$ |
9.35 |
|
|
|
8.7 |
|
|
$ |
36,946 |
|
Options exercisable— December 31, 2021 |
|
|
1,872,885 |
|
|
$ |
6.13 |
|
|
|
8.7 |
|
|
$ |
13,227 |
|
Options vested or expected to vest— December 31, 2021 |
|
|
7,967,750 |
|
|
$ |
9.35 |
|
|
|
8.2 |
|
|
$ |
36,946 |
|
|
| Summary of RSU Activity |
A summary of the Company’s RSU activity and related information for the 2020 Plan for the year ended December 31, 2021 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares Underlying RSUs |
|
|
Weighted Average
Grant Date Fair Value |
|
Issued and unvested as of January 1, 2021 |
|
|
403,355 |
|
|
$ |
23.60 |
|
Granted |
|
|
793,629 |
|
|
|
14.76 |
|
Vested |
|
|
(93,500 |
) |
|
|
23.69 |
|
Forfeited |
|
|
(46,500 |
) |
|
|
23.35 |
|
Issued and unvested as of December 31, 2021 |
|
|
1,056,984 |
|
|
$ |
16.99 |
|
|
| Summary of Restricted Common Stock Award Activity |
The following table summarizes the Company’s restricted common stock award activity for the year ended December 31, 2021:
|
|
|
|
|
|
|
|
Number of Restricted Shares |
|
Issued and unvested as of January 1, 2021 |
|
|
370,329 |
|
Vested |
|
|
(251,808 |
) |
Forfeited |
|
|
(80,380 |
) |
Issued and unvested as of December 31, 2021 |
|
|
38,141 |
|
|
| Summary of Stock-based Compensation Expense |
The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
(in thousands) |
|
2021 |
|
|
2020 |
|
Research and development |
|
$ |
7,328 |
|
|
$ |
2,699 |
|
General and administrative |
|
|
10,214 |
|
|
|
3,892 |
|
Total |
|
$ |
17,542 |
|
|
$ |
6,591 |
|
|